Reopening of assessment u/s 147 - bogus purchases - not only ...

Case Laws Income Tax

November 18, 2022

Reopening of assessment u/s 147 - bogus purchases - not only there existed new information with the AO from the credible sources, but also he had applied his mind and recorded the conclusion that the purchases claimed were non-genuine and therefore bogus, (clearly meaning that what was disclosed was false and untruthful). The requirements of section 147 r.w.s. 148 have clearly been met; and the reopening is held justified and legal. - AT

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Reopening of assessment u/s 147 - bogus purchases - not only ...

Case Laws Income Tax

November 18, 2022

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