https://www.taxtmi.com/caselaws?id=771583 ITAT quashed the reopening of assessment u/s 147 ruling that reasons recorded by AO were vague and scanty. The tribunal found AO failed to apply independent mind, merely relying on information from investigation wing without discussing specific transactions. Reasons lacked details about assessee's dealings through intermediary entities and only contained conclusory statement about escaped income. Following precedent in similar case, both reopening and assessment were invalidated. Assessee's appeal was allowed. en-us Tue, 25 Mar 2025 00:00:00 +0530 Tue, 27 May 2025 12:22:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771583 ITAT quashed the reopening of assessment u/s 147 ruling that reasons recorded by AO were vague and scanty. The tribunal found AO failed to apply independent mind, merely relying on information from investigation wing without discussing specific transactions. Reasons lacked details about assessee's dealings through intermediary entities and only contained conclusory statement about escaped income. Following precedent in similar case, both reopening and assessment were invalidated. Assessee's appeal was allowed. Case-Laws Income Tax Tue, 25 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771583