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2002 (8) TMI 69 - HC - Income TaxReassessment, Failure To Disclose Material Facts - It has, therefore, been admitted in the petition that an income accrued in a particular year was not shown either in the balance sheet or in the returns for that particular year as the forfeiture was delayed by the petitioner. It is not the case of the petitioner in the petition that either at the time of furnishing the returns or in the balance-sheet submitted along with the returns or while supplying information and producing books of account at the time of assessments, the petitioner had disclosed to the Assessing Officer that any income arising out of forfeiture accrued in the assessment year was for commercial wisdom taken over to the next year. In that view of the matter, the second limb of the requisite for exercise of power under section 148 of the said Act is fulfilled and prima facie it appears that there was failure on the part of the petitioner to disclose fully and truly all the material facts necessary for assessment during the relevant assessment years while submitting the return and furnishing information. - For the reasons aforesaid, I refuse to entertain these writ petitions and accordingly, dismiss the same.
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