Reopening of assessment u/s 147 - Amount of gross income shown ...

AO Failed to Independently Verify Cash Advance in Reopening Assessment u/s 147; Stamp Paper Issue Deemed Insufficient Evidence.

May 25, 2022

Case Laws Income Tax AT

Reopening of assessment u/s 147 - Amount of gross income shown by assessee AO has disbelieved gross receipt - the ld. AO should have made independent inquiry of the above sum paid by Wave Films as advance to the assessee in cash to correct position of the above transactions. It is more pertinent when the assessee claimed that business of wave films continued. Merely, because some infirmity is noted in stamp paper, it could not have resulted into stating that whole transaction is bogus. - AT

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Reopening of assessment u/s 147 - Amount of gross income shown ...

AO Failed to Independently Verify Cash Advance in Reopening Assessment u/s 147; Stamp Paper Issue Deemed Insufficient Evidence.

May 25, 2022

Case Laws Income Tax AT

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