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2015 (11) TMI 1675 - AT - Income TaxReopening of assessment - Held that:- Assessing Officer is empowered to reopen the assessment if he has reasons to believe that the income has escaped from the assessment. It is not required by the Revenue to show that income which has escaped assessment was due to the failure on the part of the appellant to disclose fully and truly all the materials relevant to the assessment. In the case before us, the Assessing Officer has reopened the assessment because he had information due to the survey conducted u/s. 133A in the business premises of Smt. Leela Surana that the assessee had made cash payment during the relevant assessment year i.e. on 17.09.2008 and 24.09.2008 of ₹ 6,80,000/- and ₹ 30,000/- respectively against which he had obtained back dated contract note for the purchase of ₹ 4700 shares of “Shyam Star”. Therefore, Assessing Officer has rightly invoked the provisions of section 147 & 148 of the Act. Accordingly we uphold the order of the Revenue on this issue.
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