https://www.taxtmi.com/caselaws?id=415944 The High Court affirmed the decisions of the Commissioner Appeals and the Income Tax Appellate Tribunal, dismissing the revenue's appeal against setting aside the Assessing Officer's orders under Section 68 read with Section 147 and 148 of the Income Tax Act, 1961. The Court held that the reopening of the case beyond the statutory time limit lacked merit, as the assessee had fully disclosed information during the original assessment. Without establishing a connection between the entity and the assessee, the presumption under Section 68 was deemed inapplicable, leading to the rejection of the revenue's appeal. en-us Thu, 30 Sep 2021 00:00:00 +0530 Fri, 17 Dec 2021 08:53:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415944 The High Court affirmed the decisions of the Commissioner Appeals and the Income Tax Appellate Tribunal, dismissing the revenue's appeal against setting aside the Assessing Officer's orders under Section 68 read with Section 147 and 148 of the Income Tax Act, 1961. The Court held that the reopening of the case beyond the statutory time limit lacked merit, as the assessee had fully disclosed information during the original assessment. Without establishing a connection between the entity and the assessee, the presumption under Section 68 was deemed inapplicable, leading to the rejection of the revenue's appeal. Case-Laws Income Tax Thu, 30 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415944