121 results for “reassessment u/s 147”+ Section 271(1)(c)clear
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In the result, the appeal is partly allowed
Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra
147 Order, presumed the entire deposits as trading receipts and by applying 8% estimated margin derived the additional total income at Rs. 18,58,785/-. b) The assessee would like to state that such calculation is made on an ad-hoc basis and is construed to be an act on the basis of certain presumption, conjecture and surmise. The assessee