Sec. 147 of Income Tax Act, 1961— Re-assessment —Reassessment invalid as reasons for reopening didn't formed part of records at the threshold stage

Facts: Assessee has raised its identical twin substantive grounds inter alia challenging correctness of both the lower authorities action initiating sec. 148 r.w.s. 147 proceedings culminating in undisclosed income from bank accounts addition(s) of Rs.2,30,71,880/- each, on various legal and factual aspects, respectively.

Held, that the Assessing Officers’ reopening reasons recorded on the basis of alleged trust deeds of the twin trusts is not based on this relevant material / evidence since the said trust deeds nowhere formed part of records at the threshold stage. That being the case, the settled legal proposition to conclude that the assessing authority herein had not proceeded as per law whilst initiating sec. 148 / 147 proceedings against these two assessees. The impugned re-opening is held not unsustainable in law - SHRI MANOJ KUMAR V/s DEPUTY CIT - [2020] 26 ITCD Online 059 (ITAT-KOLKATA)