https://www.taxtmi.com/caselaws?id=271680 The Gujarat High Court quashed the notices for reopening assessments in a case involving excess payments made by sugar co-operatives to member farmers. The court emphasized the necessity of tangible material to support the belief that taxable income had escaped assessment. It was held that mere payment of cane price exceeding the Statutory Minimum Price does not automatically indicate distribution of profits. The court ruled in favor of the petitioners, setting aside the notices for lacking valid reasons and tangible material to justify the reopening of assessments. en-us Tue, 02 Feb 2016 00:00:00 +0530 Fri, 12 Feb 2016 10:00:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271680 The Gujarat High Court quashed the notices for reopening assessments in a case involving excess payments made by sugar co-operatives to member farmers. The court emphasized the necessity of tangible material to support the belief that taxable income had escaped assessment. It was held that mere payment of cane price exceeding the Statutory Minimum Price does not automatically indicate distribution of profits. The court ruled in favor of the petitioners, setting aside the notices for lacking valid reasons and tangible material to justify the reopening of assessments. Case-Laws Income Tax Tue, 02 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271680