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2014 (8) TMI 730 - PUNJAB & HARYANA HIGH COURTNotice for re-opening of assessment u/s 148 - Notice issued for payment of Group Gratuity to LIC - Balance of the premium payment paid – payment depicted both on the liability as well as asset side of the balance sheet as contra entry - Neither claimed as expenditure nor allowed by the AO in the scrutiny assessment u/s 143(3) of the Act – Held that:- The AO had rightly issued notice u/s 148 of the Act on the ground that the claim on the part of the assessee had resulted in escapement of income on account of provisions created for retiring benefits and on account of provisions created for Group Gratuity Scheme - the mere production of account books or other evidence from which material evidence with due diligence could have been discovered by the AO, would not amount to disclosure - the AO while recording reasons for issuing notice u/s 148 of the Act had rightly held that there was no true and full disclosure and initiation of proceedings within four years from the end of the AY 2009-10 was valid – Decided against Assessee.
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