https://www.taxtmi.com/highlights?id=56748 Validity of Reopening of assessment u/s 147 - unaccounted cash transactions - It can thus be seen that the Assessing Officer had analyzed the voluminous material collected by the Revenue during the search operations in connection with the Venus Group - Based on seized material, though AO could not have initiated proceedings u/s 153(C) but based on the information, could be said to be justified in reopening the assessment for the reasons assigned and referred to above. - HC en-us Mon, 15 Feb 2021 15:34:10 +0530 Mon, 15 Feb 2021 15:34:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=56748 Validity of Reopening of assessment u/s 147 - unaccounted cash transactions - It can thus be seen that the Assessing Officer had analyzed the voluminous material collected by the Revenue during the search operations in connection with the Venus Group - Based on seized material, though AO could not have initiated proceedings u/s 153(C) but based on the information, could be said to be justified in reopening the assessment for the reasons assigned and referred to above. - HC Highlights Income Tax Mon, 15 Feb 2021 15:34:10 +0530 https://www.taxtmi.com/highlights?id=56748