Reassessment u/s 147 - Cash deposition in his saving bank ...

Reassessment Valid u/s 147 Due to Cash Deposits; Jurisdiction Justified if Income Exceeds Non-Taxable Threshold.

April 23, 2019

Case Laws Income Tax AT

Reassessment u/s 147 - Cash deposition in his saving bank account - The argument that the whole of deposits cannot be regarded as income and therefore the assumption of jurisdiction is vitiated under law is not correct - so long as there is an element of income which has escaped taxation and which exceeds the maximum amount which is not chargeable to tax, the same is sufficient enough to uphold the jurisdiction u/s 147

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Reassessment u/s 147 - Cash deposition in his saving bank ...

Reassessment Valid u/s 147 Due to Cash Deposits; Jurisdiction Justified if Income Exceeds Non-Taxable Threshold.

April 23, 2019

Case Laws Income Tax AT

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