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2003 (11) TMI 30 - HC - Income TaxNotice u/s 148 - the deeming fiction provided by Explanation 2 to section 147 imparts an added obligation in the matter of believing escapement of income - According to the aforesaid Explanation (clause (c)) even where an assessment is made, but income chargeable to tax has been under-assessed, it has to be deemed that such income has escaped assessment, and after noticing that income chargeable to tax was under assessed and applying the deeming fiction, the Assessing Officer can hardly have reason not to believe that any income chargeable to tax has escaped assessment - Held that the legality of the impugned notice and the very assumption of jurisdiction under section 147 only being under challenge, it is neither within the scope nor an issue in this judgment to pronounce upon the questions whether the non-compete fees received by the petitioner was a capital receipt or revenue receipt and whether, in fact, there was escapement of income chargeable to tax – Petition dismissed
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