https://www.taxtmi.com/caselaws?id=33038 The Court quashed and set aside the impugned notices challenging the re-opening of assessments under the Income-tax Act for three years. It ruled in favor of the petitioner, a partnership firm selling fresh vegetables, emphasizing the necessity for concrete evidence linking gross receipts to chargeable income before re-opening assessments. The Court found a lack of material establishing a nexus between the gross receipts and taxable income, highlighting the Assessing Officer's failure to provide evidence of chargeable income evasion, ultimately leading to the judgment in favor of the petitioner. en-us Mon, 09 Feb 2009 00:00:00 +0530 Mon, 03 May 2010 12:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33038 The Court quashed and set aside the impugned notices challenging the re-opening of assessments under the Income-tax Act for three years. It ruled in favor of the petitioner, a partnership firm selling fresh vegetables, emphasizing the necessity for concrete evidence linking gross receipts to chargeable income before re-opening assessments. The Court found a lack of material establishing a nexus between the gross receipts and taxable income, highlighting the Assessing Officer's failure to provide evidence of chargeable income evasion, ultimately leading to the judgment in favor of the petitioner. Case-Laws Income Tax Mon, 09 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33038