ITAT quashes Reassessment Proceeding initiated u/s 147 of Income Tax Act on basis of vague Report of Investigation Wing without applying mind [Read Order]

ITAT - Reassessment Proceeding - Income Tax Act - vague Report - Investigation Wing - applying mind-TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Delhi bench, quashed reassessment proceedings initiated under section 147 of the Income Tax Act, 1961, on the basis of a vague report from the investigation wing without applying their mind to the report. The assessee, Shark Packaging (India) P. Ltd., was a company. Upon perusal of the information received…

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