https://www.taxtmi.com/caselaws?id=472812 Reassessment based on information concerning a receipt requires recorded reasons establishing a link between the information and the belief that income escaped assessment. Reasons identifying the alleged accommodation-entry provider, its connection with the payer, the receipt, and its non-reflection in disclosed bank accounts were treated as sufficiently specific, so reassessment remained valid. A receipt recorded as sales and supported by sale particulars, customer confirmations, and undisputed purchase and quantitative details cannot also be assessed as unexplained cash credit. As the sales income and profit element were accepted, a further addition would result in double taxation; the related commission addition lacked basis. en-us Fri, 28 Jun 2024 00:00:00 +0530 Mon, 26 Oct 2026 17:05:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472812 Reassessment based on information concerning a receipt requires recorded reasons establishing a link between the information and the belief that income escaped assessment. Reasons identifying the alleged accommodation-entry provider, its connection with the payer, the receipt, and its non-reflection in disclosed bank accounts were treated as sufficiently specific, so reassessment remained valid. A receipt recorded as sales and supported by sale particulars, customer confirmations, and undisputed purchase and quantitative details cannot also be assessed as unexplained cash credit. As the sales income and profit element were accepted, a further addition would result in double taxation; the related commission addition lacked basis. Case-Laws Income Tax Fri, 28 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472812