https://www.taxtmi.com/caselaws?id=59682 Where a return had been processed only under section 143(1), reassessment under sections 147 and 148 was valid because recorded reasons showed escapement of income within four years, so the challenge to jurisdiction failed. Gifts credited from unrelated persons were not proved genuine, as identical declarations, doubtful donor availability, inconsistent explanations, and lack of proven capacity justified addition under section 68. Closing stock of manufactured gold ornaments had to reflect making charges and not only base gold value, so the earlier-year valuation adjustment was upheld. For the later year, the same valuation principle applied, but the exact computation required reconsideration, so the matter was remanded for fresh assessment. en-us Tue, 10 Jul 2007 00:00:00 +0530 Tue, 10 Jul 2012 16:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59682 Where a return had been processed only under section 143(1), reassessment under sections 147 and 148 was valid because recorded reasons showed escapement of income within four years, so the challenge to jurisdiction failed. Gifts credited from unrelated persons were not proved genuine, as identical declarations, doubtful donor availability, inconsistent explanations, and lack of proven capacity justified addition under section 68. Closing stock of manufactured gold ornaments had to reflect making charges and not only base gold value, so the earlier-year valuation adjustment was upheld. For the later year, the same valuation principle applied, but the exact computation required reconsideration, so the matter was remanded for fresh assessment. Case-Laws Income Tax Tue, 10 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59682