https://www.taxtmi.com/caselaws?id=445616 Delhi HC dismissed the petition challenging reassessment proceedings under Section 147. The court held that the AO had sufficient material including trust deed and managing trustee's statement showing foreign contributions were misused, creating valid subjective satisfaction for income escapement exceeding INR 50 lakh threshold. The 10-year limitation period under Section 149(1) applied given the quantum involved. The petition was also dismissed for suppressing material facts regarding cancellation of registrations under Sections 12A, 12AA and 12AB, violating bona fide requirements for equitable jurisdiction. en-us Fri, 03 Nov 2023 00:00:00 +0530 Fri, 10 Nov 2023 12:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445616 Delhi HC dismissed the petition challenging reassessment proceedings under Section 147. The court held that the AO had sufficient material including trust deed and managing trustee's statement showing foreign contributions were misused, creating valid subjective satisfaction for income escapement exceeding INR 50 lakh threshold. The 10-year limitation period under Section 149(1) applied given the quantum involved. The petition was also dismissed for suppressing material facts regarding cancellation of registrations under Sections 12A, 12AA and 12AB, violating bona fide requirements for equitable jurisdiction. Case-Laws Income Tax Fri, 03 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445616