https://www.taxtmi.com/caselaws?id=756480 Gujarat HC dismissed petitions challenging reopening of assessments under section 147. The case involved brokerage income shown in firm's books but actually earned by petitioner company for work performed for a Finnish company. Based on partner's statement during survey confirming company performed the work, and firm's claim of bad debts to offset liability, AO had tangible material forming reasonable belief that income escaped assessment. Court held proper person (company) should be taxed for income it earned, and reopening was justified for both firm and company as scrutiny was required to determine correct tax liability. en-us Thu, 11 Jul 2024 00:00:00 +0530 Fri, 02 Aug 2024 17:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756480 Gujarat HC dismissed petitions challenging reopening of assessments under section 147. The case involved brokerage income shown in firm's books but actually earned by petitioner company for work performed for a Finnish company. Based on partner's statement during survey confirming company performed the work, and firm's claim of bad debts to offset liability, AO had tangible material forming reasonable belief that income escaped assessment. Court held proper person (company) should be taxed for income it earned, and reopening was justified for both firm and company as scrutiny was required to determine correct tax liability. Case-Laws Income Tax Thu, 11 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756480