Reassessment upheld on the ground of established business connection

Watanmal Boolchand & Co. Ltd. Vs Assistant Director of Income Tax (Madras High Court) Conclusion: Reassessment against a Hongkong-based company, Watanmal Boolchand was justified as there was a prima facie the case of ‘Business Connection’ of assessee-company in India. Held:  Assessee-company was incorporated outside India under the laws of Hong Kong. One of the group companies of assessee-company, viz., W (India) Pvt. Ltd. was engaged in the business of providing trade, management and logistic support services to the assessee-company. W India provided services to assessee-company in s...