Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (2) TMI 206 - MADHYA PRADESH HIGH COURTReassessment u/s 147 - Cash credit in the book - the income-tax return for the assessment year 2006-07 was submitted - notice was issued under section 143(2) - cash credit found in the books – Held that:- Section 68 is a special provision of the Act which empowers the Assessing Officer to tax any cash credit found in the books of the assessee if the nature and source thereof are not established by the assessee. In the present case, the identity of the three parties from whom the assessee has received cash is doubtful since they do not exist at the addresses given and the TIN numbers mentioned in respect of them are fictitious as per the information received from the State Government.- In the case of CIT v. Sophia Finance Ltd. [1993 (8) TMI 62 - DELHI HIGH COURT] it was held that it is immaterial as to whether the amount so credited is given the colour of a loan or a sum representing sale proceeds or even receipt of share application money. The aforesaid fact came to the notice to the AO while conducting assessment proceedings for the assessment year 2008-09 and, therefore, there was a reason to believe in the matter that the income chargeable to tax has escaped assessment in the peculiar facts and circumstances of the case. In the case of CIT v. Kelvinator of India Ltd. reported in [2010 (1) TMI 11 - SUPREME COURT OF INDIA ] it has been held that reassessment proceeding cannot be initiated only upon the mere change of opinion - However, in the present case reassessment has not been done only upon the mere change of opinion - petitioner-company is having an alternate remedy in the matter as per the provisions of the Income-tax Act, 1961, - Decided against assessee
|