https://www.taxtmi.com/caselaws?id=448010 ITAT Surat quashed reassessment under section 147 for unexplained investment in construction work. Eight group companies entered agreement with Global Enterprises partnership firm where company directors were partners. Assessing officer reopened only one company's case claiming 11.64% profit of Rs. 7.93 crore escaped assessment, though this profit was already declared by Global Enterprises and accepted by revenue. ITAT held reopening invalid as it would result in double taxation of same income already taxed in Global Enterprises' hands. Assessment order under section 143(3) read with section 147 was quashed. Decided in favor of assessee. en-us Mon, 30 Oct 2023 00:00:00 +0530 Wed, 10 Jan 2024 09:19:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448010 ITAT Surat quashed reassessment under section 147 for unexplained investment in construction work. Eight group companies entered agreement with Global Enterprises partnership firm where company directors were partners. Assessing officer reopened only one company's case claiming 11.64% profit of Rs. 7.93 crore escaped assessment, though this profit was already declared by Global Enterprises and accepted by revenue. ITAT held reopening invalid as it would result in double taxation of same income already taxed in Global Enterprises' hands. Assessment order under section 143(3) read with section 147 was quashed. Decided in favor of assessee. Case-Laws Income Tax Mon, 30 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448010