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2010 (12) TMI 506 - HC - Income TaxReassessment - Unexplained investment - Voluntary disclosure of income - There is no dispute about the proposition that under Section 69A, any undisclosed income or valuables found with the assessee can be added to the income of the year in which the same are found - 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 assessment year 1998-99 in absence of valid explanation - Such declaration by itself was not enough to rebut the statutory presumption under section 69A unless the assessee substantiated the same - Decided in favour of the revenue by way of remand to Tribunal
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