Allowing the appeal the Tribunal held that reassessment proceedings merely on basis of information received from Director (Intelligence & Criminal Investigation) without making any independent investigation reassessment proceedings is held to be not valid. (AY. 2010-11)
Future Tech IT Systems (P.) Ltd. v. ITO (2021) 89 ITR 676 / 190 ITD 52 (Chd.)(Trib.)/Abacus Edutech Pvt. Ltd. v ITO (2021) 89 ITR 676 (Chd) (Trib) Axis Education Technologies (P.) Ltd. v ITO (2021) 89 ITR 676 (Chd) (Trib)
S. 147 : Reassessment-With in four years-Share premium-Director (Inv.)-Reassessment was held to be not valid [S.56(2)(viib), 148]