{"id":43031,"date":"2024-05-21T20:11:32","date_gmt":"2024-05-21T14:41:32","guid":{"rendered":"https:\/\/itatonline.org\/digest\/bhagwati-polyfill-p-ltd-v-acit-2024-296-taxman-434-guj-hc\/"},"modified":"2024-05-21T20:11:32","modified_gmt":"2024-05-21T14:41:32","slug":"bhagwati-polyfill-p-ltd-v-acit-2024-296-taxman-434-guj-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/bhagwati-polyfill-p-ltd-v-acit-2024-296-taxman-434-guj-hc\/","title":{"rendered":"Bhagwati Polyfill (P.) Ltd. v. ACIT (2024) 296 Taxman 434 (Guj.)(HC)"},"content":{"rendered":"<p>Allowing the petition the Court held that\u00a0 no material came forth in terms of any statement or details to pin-point a live link or a nexus of assessee with transaction in question in reasons recorded.\u00a0 There was no tangible material so as to come to a conclusion or reason to believe that income chargeable to tax had escaped assessment. Since reassessment was merely based on suspicion notice and order disposing the objection is quashed. (AY. 2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 147 : Reassessment-After the expiry of four years-Unsecured loan-Accommodation entries-No tangible material-Suspicion-Reassessment notice and order disposing the objections are quashed.[S. 68, 148, Art. 226]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-43031","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-bc3","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/43031","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=43031"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/43031\/revisions"}],"predecessor-version":[{"id":43032,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/43031\/revisions\/43032"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=43031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=43031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=43031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}