https://www.taxtmi.com/highlights?id=80041 Reopening of assessment u/s 147 was based on reasons to believe the difference between total cash sales and cash sales reflected in books. Held: Reopening was made only based on discrepancy noticed from impounded material relevant to the year under consideration. AO during regular assessment verified the same impounded material and issued notice u/s 142(1) for explanation regarding transactions in impounded documents. AO also called for further details regarding impounded material found during survey relevant to the assessment year, explaining total difference in day-wise amount. Hence, during regular assessment, the issue of totaling difference in impounded material was considered. Therefore, it cannot be said that the impugned notice was ..... en-us Fri, 02 Aug 2024 08:13:13 +0530 Fri, 02 Aug 2024 08:13:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=80041 Reopening of assessment u/s 147 was based on reasons to believe the difference between total cash sales and cash sales reflected in books. Held: Reopening was made only based on discrepancy noticed from impounded material relevant to the year under consideration. AO during regular assessment verified the same impounded material and issued notice u/s 142(1) for explanation regarding transactions in impounded documents. AO also called for further details regarding impounded material found during survey relevant to the assessment year, explaining total difference in day-wise amount. Hence, during regular assessment, the issue of totaling difference in impounded material was considered. Therefore, it cannot be said that the impugned notice was ..... Highlights Income Tax Fri, 02 Aug 2024 08:13:13 +0530 https://www.taxtmi.com/highlights?id=80041