Assessment cannot be completed on the basis of past Incident

Advocate Akhilesh Kumar Sah CIT Vs Sahara India Mutual Benefit Co. (Calcutta High Court) Sahara India Mutual Benefit Co. Ltd appeal: The income tax department cannot presume something to have happened five years ago, it did not mean that assessee indulged in similar activity in the previous year In CIT vs. Sahara India Mutual Benefit Co. Ltd [ITA 454 of 2008 with ITA 510 of 2008, decided 21.12.2018], briefly (in ITA 454 of 2008), the respondent/assessee filed a return for the assessment year 1992-93 declaring an income of Rs.64,150/-. This was later revised to a claim of loss of Rs.49,34,173/...