https://www.taxtmi.com/caselaws?id=261992 The court allowed the appeal, setting aside the ITAT's order and remitting the matter back to the AO for fresh adjudication. The court held that the reopening of the assessment based on information from the Directorate of Revenue Intelligence was justified under the amended provisions of the Income Tax Act. The Settlement Commission's order quantifying the customs duty was considered as evidence that income had escaped assessment. The AO was directed to determine the value of the horses independently, without influence from the Settlement Commission's order or court observations. en-us Mon, 22 Jun 2015 00:00:00 +0530 Wed, 29 Jul 2015 07:47:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261992 The court allowed the appeal, setting aside the ITAT's order and remitting the matter back to the AO for fresh adjudication. The court held that the reopening of the assessment based on information from the Directorate of Revenue Intelligence was justified under the amended provisions of the Income Tax Act. The Settlement Commission's order quantifying the customs duty was considered as evidence that income had escaped assessment. The AO was directed to determine the value of the horses independently, without influence from the Settlement Commission's order or court observations. Case-Laws Income Tax Mon, 22 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261992