https://www.taxtmi.com/caselaws?id=766489 ITAT Kolkata quashed the reopening of assessment under section 147, finding that the AO's reasons for believing income escaped assessment were vague, scanty and ambiguous. The AO merely recorded in three lines that income was believed to have escaped assessment without providing details about source, nature or timing of alleged undisclosed credits. The tribunal held that reassessment cannot proceed on such insufficient grounds lacking independent application of mind by the AO. The assessee's appeal was allowed. en-us Mon, 24 Feb 2025 00:00:00 +0530 Wed, 26 Feb 2025 08:17:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766489 ITAT Kolkata quashed the reopening of assessment under section 147, finding that the AO's reasons for believing income escaped assessment were vague, scanty and ambiguous. The AO merely recorded in three lines that income was believed to have escaped assessment without providing details about source, nature or timing of alleged undisclosed credits. The tribunal held that reassessment cannot proceed on such insufficient grounds lacking independent application of mind by the AO. The assessee's appeal was allowed. Case-Laws Income Tax Mon, 24 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766489