Debits and Credits Can in no way Lead to Inference of Income Escaped Assessment: Bombay HC [Read Order]

Debits - Credits - Income Escaped Assessment - Income - Bombay High Court - Taxscan

In a recent decision the Bombay High Court observed that debits and credits can in no way lead to an inference of income escaped assessment. The petitioner, Digi1 Electronics Pvt Ltd, challenged the notice issued under section 148 of the Income Tax Act, 1961 by seeking to reopen the assessment, on the basis of ‘his…

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