Sec. 68 of Income Tax Act, 1961 - Cash Credit – The assessee challenged the impugned notice issued under Section 147/148 of the Act, 1961 proposing to re-assess its income for A.Y.2009-10 contending that all information necessary for computation of income was provided in the returns and that taking them into consideration the AO framed the scrutiny assessment under Section 143(3). High Court held that ”the duty of the assessee is to disclose the bank statements for the relevant year, which it did. As to what inferences are to be drawn for the previous years is not within the remit of the AO and consequently of no relevance whatsoever at least in considering whether to issue or not to issue reassessment notice, on just cash intensive transactions; clearly, this reason is vague and unjustified“. Thus, High Court while allowing the writ petition quashed and set aside the impugned notice issued under Section 147/148 of the Act, 1961 and all the consequential proceedings. Supreme Court declined to interfere in the matter. - ITO V/s REVOLUTION FOREVER MARKETING P. LTD. - [2020] 269 TAXMAN 561 (SC)