https://www.taxtmi.com/caselaws?id=762679 The Delhi HC upheld the AO's decision to reopen assessment under Section 147 after finding that two entities supplying goods to the petitioner for garment exports were non-genuine. Despite petitioner's arguments about banking channel transactions and customs duty drawback, the court held that the AO had sufficient material indicating escaped income assessment. The investigation revealed non-existing suppliers at their registered addresses, with bank accounts showing matching inflows/outflows and high turnover in short periods. The court emphasized that at Section 148A stage, the AO only needs reasonable grounds to suspect income escapement, not conclusive proof. The petition was dismissed. en-us Thu, 21 Nov 2024 00:00:00 +0530 Wed, 04 Dec 2024 23:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762679 The Delhi HC upheld the AO's decision to reopen assessment under Section 147 after finding that two entities supplying goods to the petitioner for garment exports were non-genuine. Despite petitioner's arguments about banking channel transactions and customs duty drawback, the court held that the AO had sufficient material indicating escaped income assessment. The investigation revealed non-existing suppliers at their registered addresses, with bank accounts showing matching inflows/outflows and high turnover in short periods. The court emphasized that at Section 148A stage, the AO only needs reasonable grounds to suspect income escapement, not conclusive proof. The petition was dismissed. Case-Laws Income Tax Thu, 21 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762679