HC allowed the petition and set aside the impugned order and ...

Reopening Assessment Requires Credible Information Contradicting Taxpayer's Claims.

January 15, 2025

Case Laws Income Tax HC

HC allowed the petition and set aside the impugned order and notice u/s 148A(b). AO failed to establish that petitioner had received any amount exceeding Rs. 50,00,000/- which escaped assessment. AO is required to form an opinion based on credible information contradicting petitioner's assertion that aggregate transaction value was less than Rs. 50,00,000/-. Merely stating transactions existed without substantiating higher value is insufficient for reopening assessment u/s 147.

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HC allowed the petition and set aside the impugned order and ...

Reopening Assessment Requires Credible Information Contradicting Taxpayer's Claims.

January 15, 2025

Case Laws Income Tax HC

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