Search Results For: reassessment

Whether Reopening Of Assessment Is Valid Without Any Corroborative Assessment?

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

Unless there is corroborative evidence with the Assessing Office that an assessee has paid “cash-on money” to builders, the reopening is not valid.

Posted in Income-tax