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 busin

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