Case Law Analysis
|Supreme Court of India
Section 147 IT Act | Reassessment Valid If Tangible Material Reveals Income Escapement, Even If Disclosed Earlier : SC Clarifies AOP Profit vs Revenue Distinction
Supreme Court rules that reassessment under Section 147 IT Act is justified if fresh tangible material exposes income escapement, regardless of prior disclosure. The judgment distinguishes between profit and revenue sharing in Association of Persons (AOP) agreements, impacting tax liability assessments for entities involved in such arrangements.