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2023 (9) TMI 1227 - GUJARAT HIGH COURTReopening of assessment u/s 147 - assessee is a beneficiary of the Satish Saraf Group and had converted funds from cash to cheque - evidence received from the office of DDIT (Inv.), Unit-3(1), Mumbai the assessee was one of the beneficiaries of the Satish Saraf Group, managed by Satish Saraf - HELD THAT:- As taking into consideration the reply filed by the petitioner explaining the fact that this was not a transaction which he had undertaken with the Satish Saraf Group and also having found that the transaction in fact was in context of commodity profit from “Hrim Comtrade” for an amount, it was not a case for reopening and reassessment in light of the fact that it had earlier already been gone into. The details filed from time to time along with the explanation for the transaction allegedly carried out with Satish Saraf Group. These details have been verified and placed on record. The assessee has declared the business income as computed as per the provisions of section 44AD of the Act by applying the net profit rate of 8% on the gross receipts - assessee has declared the income under the head other sources. Decided in favour of assessee.
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