https://www.taxtmi.com/caselaws?id=456606 The HC ruled in favor of the assessee challenging reopening of assessment u/s 147 beyond four years. The AO issued notice based on unexplained cash purchases from cotton farmers, citing lack of documentary evidence, non-production of farmers, land record discrepancies, and missing PAN details. The HC held that since the original return was scrutinized and these transactions were pointedly examined during assessment, reopening cannot be permitted on mere surmises or suspicions. The burden placed on assessee to re-establish genuineness of thousands of agricultural purchases made years earlier was unreasonable, especially beyond the four-year limitation period. en-us Mon, 09 Apr 2018 00:00:00 +0530 Sat, 03 Aug 2024 15:18:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456606 The HC ruled in favor of the assessee challenging reopening of assessment u/s 147 beyond four years. The AO issued notice based on unexplained cash purchases from cotton farmers, citing lack of documentary evidence, non-production of farmers, land record discrepancies, and missing PAN details. The HC held that since the original return was scrutinized and these transactions were pointedly examined during assessment, reopening cannot be permitted on mere surmises or suspicions. The burden placed on assessee to re-establish genuineness of thousands of agricultural purchases made years earlier was unreasonable, especially beyond the four-year limitation period. Case-Laws Income Tax Mon, 09 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456606