https://www.taxtmi.com/caselaws?id=440464 Reassessment under section 148 was sustained where the assessee had not filed returns for some years and Form 26AS showed substantial receipts, providing tangible material for reopening. For income computation, the receipts reflected in Form 26AS were accepted as the correct gross receipts because the assessee could not reconcile them with the returned figures. Income was then estimated at 8% of those gross receipts, rather than taxing the full receipts as income, with consequential allowance of Chapter VI-A deductions on furnishing details and credit for prepaid taxes and TDS appearing in Form 26AS. en-us Fri, 07 Jul 2023 00:00:00 +0530 Wed, 19 Jul 2023 09:04:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440464 Reassessment under section 148 was sustained where the assessee had not filed returns for some years and Form 26AS showed substantial receipts, providing tangible material for reopening. For income computation, the receipts reflected in Form 26AS were accepted as the correct gross receipts because the assessee could not reconcile them with the returned figures. Income was then estimated at 8% of those gross receipts, rather than taxing the full receipts as income, with consequential allowance of Chapter VI-A deductions on furnishing details and credit for prepaid taxes and TDS appearing in Form 26AS. Case-Laws Income Tax Fri, 07 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440464