High Court Quashes Reopening of Assessment u/s 147 Due to Lack of Evidence for Income Escapement.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Validity of Reopening of assessment u/s 147 - The entire basis for reopening the assessment is on the premise that there was a cash transaction of a huge amount, and having regard to the same, there was no true and full disclosure. We have already explained that this issue of cash transaction is nothing but a mere guess - There is no escapement of income chargeable to tax. - Notices quashed - HC....