https://www.taxtmi.com/highlights?id=97728 Reopening under reassessment provisions was upheld where the Assessing Officer relied on tangible seized material, printouts and a statement recorded during GST proceedings plus information from a third party, providing a prima facie basis to form belief that income escaped assessment; retraction of the statement did not, absent evidence of coercion, negate the seized material and did not vitiate the reopening. The revenue's adoption of the valuation determined by CGST/Central Excise was accepted in the assessee's hands, and a conservative job work charge at the lower end of the 4%-12% market range (adjusted for diamonds) was sustained. en-us Mon, 16 Mar 2026 08:42:22 +0530 Mon, 16 Mar 2026 08:42:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=97728 Reopening under reassessment provisions was upheld where the Assessing Officer relied on tangible seized material, printouts and a statement recorded during GST proceedings plus information from a third party, providing a prima facie basis to form belief that income escaped assessment; retraction of the statement did not, absent evidence of coercion, negate the seized material and did not vitiate the reopening. The revenue's adoption of the valuation determined by CGST/Central Excise was accepted in the assessee's hands, and a conservative job work charge at the lower end of the 4%-12% market range (adjusted for diamonds) was sustained. Highlights Income Tax Mon, 16 Mar 2026 08:42:22 +0530 https://www.taxtmi.com/highlights?id=97728