Thursday 28 May 2015

No reassessment on basis of info of DDIT (Investigation) that cash seized from director belonged to

IT : Where certain cash was seized by police from director of assessee-company, merely on basis of information received from DDIT (Inv.), AO could not initiate reassessment proceedings by recording reason that creditworthiness of assessee had to be proved beyond doubt to accept claim of its director that money seized infact belonged to assessee-company

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