https://www.taxtmi.com/caselaws?id=68814 The Tribunal upheld the reopening of the assessment under section 147, finding the reasons recorded by the Assessing Officer sufficient to believe income had escaped assessment due to unverified credits. The notice issued under section 148 was deemed valid. Non-issuance of notice under section 143(2) post filing the return under section 148 was considered an irregularity. Unexplained credits under section 68 were to be re-evaluated with the assessee given an opportunity to produce creditors. Various expenses disallowed were to be re-examined, and relief claim under section 80-IA was to be reconsidered. Interest levy was to be recalculated, and the appeal was partly allowed for statistical purposes. en-us Fri, 29 Jun 2007 00:00:00 +0530 Fri, 01 Apr 2011 18:05:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68814 The Tribunal upheld the reopening of the assessment under section 147, finding the reasons recorded by the Assessing Officer sufficient to believe income had escaped assessment due to unverified credits. The notice issued under section 148 was deemed valid. Non-issuance of notice under section 143(2) post filing the return under section 148 was considered an irregularity. Unexplained credits under section 68 were to be re-evaluated with the assessee given an opportunity to produce creditors. Various expenses disallowed were to be re-examined, and relief claim under section 80-IA was to be reconsidered. Interest levy was to be recalculated, and the appeal was partly allowed for statistical purposes. Case-Laws Income Tax Fri, 29 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68814