https://www.taxtmi.com/caselaws?id=35120 The court upheld the initiation of proceedings under Section 147 of the Income Tax Act, finding that the Assessing Officer (AO) independently applied his mind based on information received from customs authorities implicating the appellant in fraud. The court also upheld the addition of Rs.10,79,995/- under Section 69 for unexplained investment in undervalued imports, rejecting the appellant's argument that confiscation of goods precluded income escapement. The appeal was dismissed, and costs of Rs.10,000/- were imposed on the appellant. en-us Mon, 30 Nov 2009 00:00:00 +0530 Fri, 01 Feb 2013 15:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35120 The court upheld the initiation of proceedings under Section 147 of the Income Tax Act, finding that the Assessing Officer (AO) independently applied his mind based on information received from customs authorities implicating the appellant in fraud. The court also upheld the addition of Rs.10,79,995/- under Section 69 for unexplained investment in undervalued imports, rejecting the appellant's argument that confiscation of goods precluded income escapement. The appeal was dismissed, and costs of Rs.10,000/- were imposed on the appellant. Case-Laws Income Tax Mon, 30 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35120