|QUERY:||Whether an A.O. can assess the income in the hands of an assessee buyer u/s. 148 merely because the builder from whom he bought some property 3 years ago has NOW surrendered during search operations the cash (on money) portion as having received from the assessee? Any case laws favouring assessee buyer?|
|ANSWER:||Click here to read the full answer of the expert|
|EXPERT:||CA. H. N. Motiwalla|
|CATCH WORDS:||reassessment, reopening of assessment|
Unless there is corroborative evidence with the Assessing Office that an assessee has paid “cash-on money” to builders, the reopening is not valid.