Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfaction

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....Reassessment initiated beyond four years from the end of the relevant AY was held invalid because the recorded reasons did not allege, as required by the proviso to s.147, any failure by the taxpayer to fully and truly disclose material facts, hence jurisdiction to reopen was absent and the notice was quashed. The reopening was also vitiated as it was based merely on investigation-wing information without any independent enquiry or live link demonstrating the AO's own "reason to believe," rendering it a case of borrowed satisfaction, so the consequent proceedings could not stand. Further, failure to dispose objections by a speaking order made the consequent assessment a nullity; therefore, the s.148 notice and reassessment were set aside and the appeal was allowed. - ITAT....