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TMI Blog2025 (1) TMI 374X X X X Extracts X X X X X X X X Extracts X X X X ..... nclusion to make reopening. It is necessary that there is independent application of mind by the AO to the tangible material which is relied to form the reasons to believe that income has escaped assessment. The conclusion of the AO in the present form are at best reproduction of the conclusion in the Investigation report and indeed it is a borrowed satisfaction. Thus, relying the judgment of Meenakshi Overseas Pvt. Ltd. [ 2017 (5) TMI 1428 - DELHI HIGH COURT] AND Akik Marketing India Pvt. Ltd. [ 2024 (1) TMI 608 - ITAT DELHI] inclined to allow assessee appeal. - Shri Anubhav Sharma, Judicial Member And Shri Brajesh Kumar Singh, Accountant Member For the Assessee : Sh. Ved Jain, Adv.; And Ms. Uma Upadhyay, CA For the Department : Shri San ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etween the reasons recorded and the belief formed by the assessing officer. 3. Learned AR has placed on record before us and relied the form of recording reasons for initiating proceedings u/s 147/148 of the Act and based upon the same learned AR has submitted that reasons have been recorded without application of mind. It was submitted that merely by relying the Investigation Wing report the case was reopened and on that ground alone the reassessment proceedings are liable to be quashed. 4. Learned DR, however, submitted that for reopening reasons were not supposed to be elaborative the impugned orders were relied. 5. Giving thoughtful consideration to the record we consider it appropriate to reproduce the reasons for belief as recorded by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was already filed and without taking cognizance of return so filed the Investigating Wing report has been relied for making the reopening. 7. In aforesaid context we are of the considered view that the settled proposition of law is that reasons for reopening should not be merely a conclusion to make reopening. It is necessary that there is independent application of mind by the AO to the tangible material which is relied to form the reasons to believe that income has escaped assessment. The conclusion of the AO in the present form are at best reproduction of the conclusion in the Investigation report and indeed it is a borrowed satisfaction. Thus, relying the judgment of Hon ble Delhi High Court in the case of PCIT v. Meenakshi Overseas Pvt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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