https://www.taxtmi.com/caselaws?id=770607 ITAT Kolkata held that reopening of assessment under section 147 was void ab initio due to non-application of mind by AO. The AO mechanically relied on information from ITO Investigation Unit regarding unexplained cash credit without independent verification or forming belief. The AO failed to verify basic facts including non-existence of alleged ICICI Bank account. On merits, assessee successfully proved genuineness of transactions through invoices, ledger accounts, bank statements, and purchaser details for investment sales. Cash in hand addition was also deleted as AO overlooked IDBI bank withdrawals supported by CA-certified cash flow statement. Appeal allowed. en-us Wed, 07 May 2025 00:00:00 +0530 Wed, 14 May 2025 07:48:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770607 ITAT Kolkata held that reopening of assessment under section 147 was void ab initio due to non-application of mind by AO. The AO mechanically relied on information from ITO Investigation Unit regarding unexplained cash credit without independent verification or forming belief. The AO failed to verify basic facts including non-existence of alleged ICICI Bank account. On merits, assessee successfully proved genuineness of transactions through invoices, ledger accounts, bank statements, and purchaser details for investment sales. Cash in hand addition was also deleted as AO overlooked IDBI bank withdrawals supported by CA-certified cash flow statement. Appeal allowed. Case-Laws Income Tax Wed, 07 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770607