https://www.taxtmi.com/highlights?id=62723 Validity of Search u/s 132 - suppression of income as the profit declared is contrary to the actual profit received. - The power for re-assessment is no doubt a remedy available to the Authority but in light of the information as detailed in the note, grounds have been made out for exercise of power u/s 132(c) in the present case and it cannot be said that the said action is either malafide/ arbitrary/ capricious. - HC en-us Fri, 01 Apr 2022 18:40:58 +0530 Fri, 01 Apr 2022 18:40:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=62723 Validity of Search u/s 132 - suppression of income as the profit declared is contrary to the actual profit received. - The power for re-assessment is no doubt a remedy available to the Authority but in light of the information as detailed in the note, grounds have been made out for exercise of power u/s 132(c) in the present case and it cannot be said that the said action is either malafide/ arbitrary/ capricious. - HC Highlights Income Tax Fri, 01 Apr 2022 18:40:58 +0530 https://www.taxtmi.com/highlights?id=62723