Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
Validity of reassessment under section 147 turned on whether the AO acted on tangible information and applied independent mind rather than on borrowed satisfaction; the Tribunal held that specific information about substantial cash capital introduction, considered against low returned income and material on record, satisfied the prima facie belief threshold required for reopening. The Tribunal further upheld treating the cash capital introduction as unexplained investment under section 69, placing onus on the assessee to prove the source. Conclusion: reassessment initiation and the addition under section 69 were sustained and the appeal was dismissed by ITAT.
Validity of reassessment under section 147 turned on whether the AO acted on tangible information and applied independent mind rather than on borrowed satisfaction; the Tribunal held that specific information about substantial cash capital introduction, considered against low returned income and material on record, satisfied the prima facie belief threshold required for reopening. The Tribunal further upheld treating the cash capital introduction as unexplained investment under section 69, placing onus on the assessee to prove the source. Conclusion: reassessment initiation and the addition under section 69 were sustained and the appeal was dismissed by ITAT.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
