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2010 (12) TMI 108 - PUNJAB AND HARYANA HIGH COURTReassessment – Unexplained money – assessee had made a declaration under the VDIS whereby he declared the value of jewellery and the same was declared to have been acquired in the course of the assessment years 1986-87 and 1987-88, i.e., assessment years other than the assessment year under consideration. - declaration becoming invalid for failure to pay tax – Held that: - Reassessment for AY 1998-99 on basis of disclosure – Permissible In the present case, the declaration was made onDecember 31, 1997, relating to the financial year 1997-98 relevant to the assessment year 1998-99. The Assessing Officer was, thus, justified in initiating proceedings for reassessment under section 148 of the Act and holding that the valuables found were liable to be added to the income of the assessee for the assessment year 1998-99 in the absence of valid explanation. The addition could be set aside if the explanation of the assessee was found to be acceptable. It could not have been said that no reassessment could at all be made on the basis of declaration showing the assessee the owner of the valuables in the financial year merely because the declaration stated that acquisition of valuables was much earlier. Such declaration by itself was not enough to rebut the statutory presumption under section 69A unless the assessee substantiated the same.
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