Section 68: Sales declared as Income in books cannot be treated as cash credit

Bhagwant Merchants Private Limited Vs ITO (ITAT Kolkata) Reopening Not Justified as AO not applied his mind on information available The issue under consideration is whether the reopening of assessment u/s 147 is justified in law? In the present case, the Assessing Officer reopened the assessment against the assessee on the basis of the information that the assessee receives ₹12 lakhs from one M/s. Medimix Sales Pvt. Ltd and the same was escaped from assessment during the relevant year. According to him, the assessee has raised Securities Premium Account ₹38,00,000/- during the previous ye...