Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2004 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2004 (12) TMI 30 - HC - Income TaxIncome escaping assessment - reasonable belief - From the material and records which were before the Income-tax Officer, he had information that each of the petitioners had disclosed in their wealth-tax return to have received huge amount of gifts running into several lakhs of rupees which had not been disclosed by them in their income-tax returns. The genuineness of the gifts, the capacity of the donors, the necessity of making gifts by strangers vis-a-vis sections 69 and 69A of the Act do constitute relevant material for forming the reasonable belief that the income has escaped assessment to tax. There is no question of improving upon the reasons recorded by the Income-tax Officer by means of an affidavit. In the present case, we are of the considered opinion that the Income-tax Officer had material before him to form a reasonable belief that the income had escaped assessment
|