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2011 (1) TMI 432 - HC - Income TaxReopening of the assessment - Bad debt written off - Income escaping assessment - The assessee-company has deliberately concealed the fact that Rs.94,41,540 was never offered as an income - In this case the provisions of section 147 are clearly applicable as there was failure on the part of the assessee-company to declare fully and truly all material facts necessary for its assessment for the assessment year 2004-05 - In the present case during the assessment proceedings the Assessing Officer enquired the very same issue and on being satisfied allowed the claim - Once it is held that there was no failure on the part of the assessee to disclose fully and truly all material facts necessary for the purpose of assessment, the impugned notice issued beyond the period of four years from the end of the relevant assessment year cannot be sustained - Accordingly the petition is allowed
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