Mere adoption of information from Officer of investigation wing of Income Tax Dept cannot be characterized as bonafide belief of AO in absence of cogent material: ITAT quashes order of CIT(A)

By Namaskar Acharya - On September 13, 2023 4:30 pm - 2 mins read

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) he that alleged information from other officer of the dept. has to be reckoned as abstract, ba and bare one and thus has no rational probative value and could not be acted upon by the AO under law. The assessee-company is a brokerage house engaged…

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