Infrastructure facility: energy-efficient public lighting held integral to road projects, qualifying the operator as a developer and eligible for dedu...
Fourth Proviso to Section 153A: extended-period inquiry requires a reasonable, material-based satisfaction that escaped income likely exceeds the thre...
HC held that reassessment based on seized third-party material requires prima facie material with a live link to the assessee and the alleged escapement of income. A loose paper seized from a broker, which did not name the assessee or contain identifiable particulars, could not by itself support an on-money allegation, especially when the rate was sought to be applied years later through a sale deed record. The broker's statement also did not connect the assessee with the document. The Court said the Revenue must assess the seized material with attendant circumstances and record prima facie relevance; vague, irrelevant and non-specific material could not justify reopening. The reassessment notice was quashed.
HC held that reassessment based on seized third-party material requires prima facie material with a live link to the assessee and the alleged escapement of income. A loose paper seized from a broker, which did not name the assessee or contain identifiable particulars, could not by itself support an on-money allegation, especially when the rate was sought to be applied years later through a sale deed record. The broker's statement also did not connect the assessee with the document. The Court said the Revenue must assess the seized material with attendant circumstances and record prima facie relevance; vague, irrelevant and non-specific material could not justify reopening. The reassessment notice was quashed.
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