Gold Parcel Seizure Insufficient Evidence: Tax Authorities Cannot Reopen Assessments Without Substantive Proof of Income Discrepancy

Gold Parcel Seizure Insufficient Evidence: Tax Authorities Cannot Reopen Assessments Without Substantive Proof of Income Discrepancy https://www.taxtmi.com/highlights?id=88083 HC held that the seizure of a 49 gms gold parcel dispatched for job work does not constitute incriminating material for reopening assessments for AYs 2012-13 to 2017-18. The Assessing Officer (AO) failed to record satisfaction that the seized material bore any nexus with the petitioner's income. Following precedents, the court set aside the impugned notices and order under Section 153C, thereby allowing the assessee's appeal and quashing proceedings initiated without valid justification. en-us Tue, 06 May 2025 09:58:52 +0530 Tue, 06 May 2025 09:58:54 +0530 TaxTMI RSS Generator Gold Parcel Seizure Insufficient Evidence: Tax Authorities Cannot Reopen Assessments Without Substantive Proof of Income Discrepancy https://www.taxtmi.com/highlights?id=88083 HC held that the seizure of a 49 gms gold parcel dispatched for job work does not constitute incriminating material for reopening assessments for AYs 2012-13 to 2017-18. The Assessing Officer (AO) failed to record satisfaction that the seized material bore any nexus with the petitioner's income. Following precedents, the court set aside the impugned notices and order under Section 153C, thereby allowing the assessee's appeal and quashing proceedings initiated without valid justification. Highlights Income Tax Tue, 06 May 2025 09:58:52 +0530 https://www.taxtmi.com/highlights?id=88083