High Court Upholds Reopening of Venus Group Assessment u/s 147 Due to Unaccounted Cash Transactions.

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....Validity of Reopening of assessment u/s 147 - unaccounted cash transactions - It can thus be seen that the Assessing Officer had analyzed the voluminous material collected by the Revenue during the search operations in connection with the Venus Group - Based on seized material, though AO could not have initiated proceedings u/s 153(C) but based on the information, could be said to be justified in reopening the assessment for the reasons assigned and referred to above. - HC....