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1998 (1) TMI 10 - HC - Income TaxValidity of notice issued under section 147(a) – True and full disclosure of income - ITO failed to draw an inference that because of the entrustment of the initial manufacturing activity to contractors, the income derived from the industrial undertaking with reference to the backward area could be inflated and to that extent the income has to be estimated for confining the deduction to that profit which could be said to have been derived only from the backward area. Failing to draw that inference, blame cannot be put on the assessee, when at the time of assessment the list of contractors, the quantity of beedies manufactured and the amount paid has been disclosed by the assessee - notice under section 147(a) are quashed
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