Mere receipt of information cannot be equated to reason to believe that income has escaped assessment

CA Prarthana Jalan

Hon’ble Bombay High Court in the case of Piramal Enterprises Ltd. v/s DCIT in their order dated 15^th February 2017 has held that “Mere receipt of information from any source would not by itself tantamount to reason to believe that income chargeable to tax has escaped assessment”

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