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2010 (11) TMI 542 - HC - Income TaxReassessment - Income escaping assessment - Deduction u/s 80HHC - whether the assessee is entitled to challenge validity of initiation of reassessment proceedings under Section 147 of the Act after expiry of four years on the ground of lack of jurisdiction with the Assessing Officer even where the assessee had produced the entire material during assessment proceedings though there was no specific reference to that material during original assessment proceedings. - Held that: - No, decided against the assessee Full and true disclosure before AO - Held that:- Once it is held that mere production of account books and the documents where from the Assessing Officer could have gathered the details of sale of scrap, would not amount to true and full disclosure within the meaning of Section 147 of the Act, necessarily, it is to be held that the action taken by the Assessing Officer in the present case shall be within limitation.
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