https://www.taxtmi.com/caselaws?id=411956 The High Court dismissed the Tax Case Appeal challenging the reopening of assessment under Section 148 for assessing deemed income under Section 69 without establishing escapement of real income. The court upheld the reopening, citing lack of cooperation and evidence from the appellant. Additionally, the court affirmed the addition of unexplained investment under Section 69 for share purchases due to the appellant's failure to substantiate the legitimate source of funds. The judgment emphasized the necessity of providing complete and credible information during assessment to comply with tax regulations and avoid adverse inferences. en-us Fri, 06 Aug 2021 00:00:00 +0530 Mon, 06 Sep 2021 14:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411956 The High Court dismissed the Tax Case Appeal challenging the reopening of assessment under Section 148 for assessing deemed income under Section 69 without establishing escapement of real income. The court upheld the reopening, citing lack of cooperation and evidence from the appellant. Additionally, the court affirmed the addition of unexplained investment under Section 69 for share purchases due to the appellant's failure to substantiate the legitimate source of funds. The judgment emphasized the necessity of providing complete and credible information during assessment to comply with tax regulations and avoid adverse inferences. Case-Laws Income Tax Fri, 06 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411956