During relevant AY, Assessee earned capital gain from sale of its shares in an Indian company and did not file return on ground that same were exempt in terms of article 13(4) of the DTAA. The ITAT observed that the Assessee had made remittances in respect of the aforementioned transaction and filed Form 15CA in respect thereof. This Form 15CA formed the basis on which the assessment was reopened by the AO without recording any independent satisfaction of his own. The ITAT held that even though the AO, at the stage of reopening is required to form only a prima facie satisfaction that income chargeable to tax has escapement assessment. In this case, no such prima facie satisfaction was found from the reasons recorded. Hence, there was no escapement of income and the notice issued u/s 148 was held as void ab initio and consequently the assessment was treated as nullity. (AY. 2017-18)