Allowing the appeal of the assessee the Court held that ; merely on the basis of information received from Investigation Wing , the re assessment proceedings cannot be initiated when the reassessment proceedings initiated on same ground in earlier assessment years had been set aside. There was no tangible material to justify impugned reassessment proceedings. (AY. 2010-11)
Sky View Consultants (P.) Ltd. v. ITO (2018) 258 Taxman 331 // 169 DTR 157 / (2020) 423 ITR 645 (Delhi)(HC)
S. 147 : Reassessment-Unexplained expenditure -Information received from Investigation Wing-Reassessment proceedings initiated on same ground in earlier assessment years had been set aside -There was no tangible material to justify impugned reassessment proceedings- Reassessment proceedings is quashed.[S. 69C, 148]