Reopening of Income Tax Assessment u/s 147 Due to Suspicious Cash Transactions in Retail Appliance Business.

Reopening of Income Tax Assessment u/s 147 Due to Suspicious Cash Transactions in Retail Appliance Business. https://www.taxtmi.com/highlights?id=68687 Reopening of assessment u/s 147 - reason to believe - large sums of cash debit/credits - The Petitioner is carrying on a retail business of electronic appliances. Usually, appliances would be supplied to clients wherever required and payment would be received in cash upon delivery. Therefore, the cash deposits from various places cannot be doubted be considered suspicious transactions. - HC en-us Sat, 11 Mar 2023 08:50:03 +0530 Sat, 11 Mar 2023 08:50:03 +0530 TaxTMI RSS Generator Reopening of Income Tax Assessment u/s 147 Due to Suspicious Cash Transactions in Retail Appliance Business. https://www.taxtmi.com/highlights?id=68687 Reopening of assessment u/s 147 - reason to believe - large sums of cash debit/credits - The Petitioner is carrying on a retail business of electronic appliances. Usually, appliances would be supplied to clients wherever required and payment would be received in cash upon delivery. Therefore, the cash deposits from various places cannot be doubted be considered suspicious transactions. - HC Highlights Income Tax Sat, 11 Mar 2023 08:50:03 +0530 https://www.taxtmi.com/highlights?id=68687