https://www.taxtmi.com/caselaws?id=64382 Reassessment under section 148 is valid where fresh allegations in a tax evasion petition prompt pre-notice enquiries and provide material not available when the return was processed under section 143(1). Additions for alleged bogus purchase and sale transactions cannot be sustained merely by treating the full turnover as bogus where transactions are recorded in the books, trading results are accepted, sales are also reflected, and no material supports rejection of the books. Likewise, an alleged cash-payment addition requires concrete evidence and meaningful enquiry; suspicion based solely on a tax evasion petition is insufficient. en-us Fri, 08 May 2009 00:00:00 +0530 Tue, 17 Oct 2023 12:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64382 Reassessment under section 148 is valid where fresh allegations in a tax evasion petition prompt pre-notice enquiries and provide material not available when the return was processed under section 143(1). Additions for alleged bogus purchase and sale transactions cannot be sustained merely by treating the full turnover as bogus where transactions are recorded in the books, trading results are accepted, sales are also reflected, and no material supports rejection of the books. Likewise, an alleged cash-payment addition requires concrete evidence and meaningful enquiry; suspicion based solely on a tax evasion petition is insufficient. Case-Laws Income Tax Fri, 08 May 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64382