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1971 (9) TMI 45 - HC - Income TaxIt is clear that the allocation reports received from the Income-tax Officers having jurisdiction over the three firms conveyed information to the Income-tax Officer assessing the assessee that the correct share of the assessee in the profits of the three firms to the extent to which it was in excess of that declared in the return had escaped assessment at the time of the original assessment and it must, therefore, be held that the conditions for the applicability of section 147(b) were satisfied and the Income-tax Officer was entitled to reopen the assessment of the assessee under that section.
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