https://www.taxtmi.com/caselaws?id=772296 The SC examined the validity of reopening an income tax assessment under section 147. The court found the reopening valid, based on tangible material indicating income escapement. However, the court rejected the AO's arbitrary profit estimation of 9.29%, accepting the assessee's audit report profit rate of 1.74%. The appeal was partly allowed, with the excessive profit addition set aside while maintaining the assessment's reopening. en-us Wed, 04 Jun 2025 00:00:00 +0530 Fri, 06 Jun 2025 08:30:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772296 The SC examined the validity of reopening an income tax assessment under section 147. The court found the reopening valid, based on tangible material indicating income escapement. However, the court rejected the AO's arbitrary profit estimation of 9.29%, accepting the assessee's audit report profit rate of 1.74%. The appeal was partly allowed, with the excessive profit addition set aside while maintaining the assessment's reopening. Case-Laws Income Tax Wed, 04 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772296