TMI BlogMere possession of assets by itself does not constitute a belief that income of the years in question...Mere possession of assets by itself does not constitute a belief that income of the years in question had escaped assessment. Thus, the reassessment proceedings are based on presumption and suspicion and not on the basis of any specific instance of escapement of income. - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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