https://www.taxtmi.com/caselaws?id=393079 The Tribunal upheld the validity of the show cause notice under Section 263, finding it based on tangible evidence from a survey. The order under Section 263 was deemed timely and not time-barred. The reassessment order under Section 147 was upheld, initiated based on survey findings. The approval process for issuing notice under Section 148 was found lawful. Reasons for reopening assessment were justified by new evidence. Sanction for reopening assessment was upheld based on new evidence. The PCIT had jurisdiction to revise reassessment orders due to vital evidence overlooked by the AO. The reassessment order was set aside, directing a reassessment considering discrepancies in turnover, unsecured loans, and expenses. The appeal was dismissed. en-us Fri, 28 Feb 2020 00:00:00 +0530 Thu, 05 Mar 2020 14:18:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393079 The Tribunal upheld the validity of the show cause notice under Section 263, finding it based on tangible evidence from a survey. The order under Section 263 was deemed timely and not time-barred. The reassessment order under Section 147 was upheld, initiated based on survey findings. The approval process for issuing notice under Section 148 was found lawful. Reasons for reopening assessment were justified by new evidence. Sanction for reopening assessment was upheld based on new evidence. The PCIT had jurisdiction to revise reassessment orders due to vital evidence overlooked by the AO. The reassessment order was set aside, directing a reassessment considering discrepancies in turnover, unsecured loans, and expenses. The appeal was dismissed. Case-Laws Income Tax Fri, 28 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393079