https://www.taxtmi.com/caselaws?id=458042 ITAT Kolkata held reassessment proceedings invalid for both assessment years. AO erroneously believed assessee operated tyre business when records showed raw jute/seeds business in remote areas requiring cash transactions. AO's reasons contradicted Form 3CD audit findings and were based on borrowed satisfaction rather than independent mind application. Since cash transactions were properly recorded in audited books and AO used identical figures for different years, reopening lacked reasonable belief that income escaped assessment. Suspicion alone cannot justify reassessment proceedings. en-us Wed, 04 Mar 2020 00:00:00 +0530 Fri, 04 Oct 2024 20:18:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458042 ITAT Kolkata held reassessment proceedings invalid for both assessment years. AO erroneously believed assessee operated tyre business when records showed raw jute/seeds business in remote areas requiring cash transactions. AO's reasons contradicted Form 3CD audit findings and were based on borrowed satisfaction rather than independent mind application. Since cash transactions were properly recorded in audited books and AO used identical figures for different years, reopening lacked reasonable belief that income escaped assessment. Suspicion alone cannot justify reassessment proceedings. Case-Laws Income Tax Wed, 04 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458042