https://www.taxtmi.com/caselaws?id=342558 Reopening under section 148 was treated as valid where the original return had been processed only under section 143(1) and the recorded reasons showed a live link between discrepancies in the assessment record and the belief that income had escaped assessment. For transport business income estimated on the basis of incomplete supporting evidence and ad hoc expense disallowances, the presumptive scheme for goods carriages under section 44AE was accepted as the proper guide for computation. The Tribunal also directed consequential allowance of partner remuneration and interest in line with section 40B. Partial relief was therefore granted on computation, while the reopening challenge failed. en-us Wed, 05 Apr 2017 00:00:00 +0530 Mon, 08 May 2017 11:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342558 Reopening under section 148 was treated as valid where the original return had been processed only under section 143(1) and the recorded reasons showed a live link between discrepancies in the assessment record and the belief that income had escaped assessment. For transport business income estimated on the basis of incomplete supporting evidence and ad hoc expense disallowances, the presumptive scheme for goods carriages under section 44AE was accepted as the proper guide for computation. The Tribunal also directed consequential allowance of partner remuneration and interest in line with section 40B. Partial relief was therefore granted on computation, while the reopening challenge failed. Case-Laws Income Tax Wed, 05 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342558