https://www.taxtmi.com/highlights?id=75935 Reopening of assessment u/s 147 - Reason to believe - The notice was based on alleged undisclosed cash deposits made by the trust during a specific financial year. The trust objected to the reopening, arguing that all income was duly recorded and offered for taxation. The High court found that the reasons provided for reopening were unsubstantiated and lacked a rational connection to establish income escapement. It emphasized the impermissibility of fishing expeditions without concrete evidence. Consequently, the court set aside the notice of reopening. en-us Thu, 21 Mar 2024 09:24:17 +0530 Thu, 21 Mar 2024 09:24:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75935 Reopening of assessment u/s 147 - Reason to believe - The notice was based on alleged undisclosed cash deposits made by the trust during a specific financial year. The trust objected to the reopening, arguing that all income was duly recorded and offered for taxation. The High court found that the reasons provided for reopening were unsubstantiated and lacked a rational connection to establish income escapement. It emphasized the impermissibility of fishing expeditions without concrete evidence. Consequently, the court set aside the notice of reopening. Highlights Income Tax Thu, 21 Mar 2024 09:24:17 +0530 https://www.taxtmi.com/highlights?id=75935