TaxTMI 
TaxTMI 
Reassessment Proceedings Invalid: Deposits Inquiry Based on AIR Info from HSBC Bank Deemed Unjustified by Court.
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....The reassessment proceedings were completed against the assessee to explain the deposits, whereas AIR information was in respect of amount received from HSBC Bank - reassessment proceedings completed against the assessee are bad in law and invalid. - AT....