https://www.taxtmi.com/caselaws?id=394953 The High Court dismissed the appeal filed by the Revenue in a case concerning reassessment proceedings for the Assessment Year 2000-01. The Court upheld the decisions of the lower authorities, emphasizing that the power to reopen a case under Section 147 of the Income Tax Act must be based on reasons to believe, not mere suspicion. Additionally, the Court ruled in favor of the assessee regarding the addition of suppressed sales, finding no merit in the Revenue's arguments and highlighting the importance of adhering to legal procedures and evidence in tax matters. en-us Wed, 05 Feb 2020 00:00:00 +0530 Thu, 30 Apr 2020 13:46:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394953 The High Court dismissed the appeal filed by the Revenue in a case concerning reassessment proceedings for the Assessment Year 2000-01. The Court upheld the decisions of the lower authorities, emphasizing that the power to reopen a case under Section 147 of the Income Tax Act must be based on reasons to believe, not mere suspicion. Additionally, the Court ruled in favor of the assessee regarding the addition of suppressed sales, finding no merit in the Revenue's arguments and highlighting the importance of adhering to legal procedures and evidence in tax matters. Case-Laws Income Tax Wed, 05 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394953