Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
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The High Court dismissed the assessee's petition challenging the reopening of assessment u/s 147. The Assessing Officer had reasons to believe that the assessee's income had escaped assessment due to the lack of credibility of certain suppliers from whom purchases were made for export of garments. One of the suppliers, Balaji Enterprises, was found non-existent at its principal place of business during the investigation. The assessee failed to produce material establishing the credibility of Balaji Enterprises or Dev Sales Corporation. The court held that at the stage of issuing notice u/s 148, the Assessing Officer is only required to have reasons to assume income has escaped assessment, and the reopening process u/s 148A was duly followed. The court found no grounds to interfere with the impugned order and notice issued u/s 148.
The High Court dismissed the assessee's petition challenging the reopening of assessment u/s 147. The Assessing Officer had reasons to believe that the assessee's income had escaped assessment due to the lack of credibility of certain suppliers from whom purchases were made for export of garments. One of the suppliers, Balaji Enterprises, was found non-existent at its principal place of business during the investigation. The assessee failed to produce material establishing the credibility of Balaji Enterprises or Dev Sales Corporation. The court held that at the stage of issuing notice u/s 148, the Assessing Officer is only required to have reasons to assume income has escaped assessment, and the reopening process u/s 148A was duly followed. The court found no grounds to interfere with the impugned order and notice issued u/s 148.
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