Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
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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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