Allowing the petition the Court held that ; On verifying the record it was found that , there was no nexus with reasons recorded for initiating reassessment proceedings and the information received by the AO from the investigation wing , accordingly , reassessment was held to be bad in law . (2010-11)
Amar Jewellers Ltd. v. Dy. CIT (2018) 405 ITR 561/ 254 Taxman 384 (Guj.)(HC)
S. 147 : Reassessment – Cash credits-Accommodation entries -Bogus companies – information from investigation wing -No nexus with reasons recorded for initiating reassessment proceedings – Reassessment was held to be bad in law . [ S.68 , 143(1) ,148 ]