Mere possession of assets by itself does not constitute a belief ...

Reassessment Invalid Without Concrete Evidence of Income Escapement; Mere Possession of Assets Insufficient for Justification.

January 20, 2017

Case Laws Income Tax AT

Mere possession of assets by itself does not constitute a belief that income of the years in question had escaped assessment. Thus, the reassessment proceedings are based on presumption and suspicion and not on the basis of any specific instance of escapement of income. - AT

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Mere possession of assets by itself does not constitute a belief ...

Reassessment Invalid Without Concrete Evidence of Income Escapement; Mere Possession of Assets Insufficient for Justification.

January 20, 2017

Case Laws Income Tax AT

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