https://www.taxtmi.com/highlights?id=13902 Reassessment proceedings u/s 147 - Section 40A(3) applies in the case of expenditure claimed by the assessee, but in this case, the assessee did not claim any expenditure in the profit and loss account of all the concerns held by him - The AO had to act on the basis of reason to believe and not on reason to suspect - AT en-us Wed, 14 Aug 2013 19:57:33 +0530 Wed, 14 Aug 2013 19:57:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=13902 Reassessment proceedings u/s 147 - Section 40A(3) applies in the case of expenditure claimed by the assessee, but in this case, the assessee did not claim any expenditure in the profit and loss account of all the concerns held by him - The AO had to act on the basis of reason to believe and not on reason to suspect - AT Highlights Income Tax Wed, 14 Aug 2013 19:57:33 +0530 https://www.taxtmi.com/highlights?id=13902