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Reassessment on alleged undisclosed business turnover requires examination of the assessee's explanation and supporting documents before forming reasons to issue notice. Amounts asserted to be loans must be assessed for their proper character rather than treated as turnover without cogent reasons. Prior approval granted before consideration of the reply indicates predisposition and non-application of mind. The reassessment notice and orders were quashed, with the matter restored for fresh consideration after considering the explanation and seeking any necessary clarification; the alleged turnover's merits remained undecided.
Reassessment on alleged undisclosed business turnover requires examination of the assessee's explanation and supporting documents before forming reasons to issue notice. Amounts asserted to be loans must be assessed for their proper character rather than treated as turnover without cogent reasons. Prior approval granted before consideration of the reply indicates predisposition and non-application of mind. The reassessment notice and orders were quashed, with the matter restored for fresh consideration after considering the explanation and seeking any necessary clarification; the alleged turnover's merits remained undecided.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
