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2010 (12) TMI 716 - HC - Income TaxIncome escaping assessment - Gold ginnies - Whether the material sought to be relief upon by the Assessing Officer at the stage of initiation would conclusively prove the escapement is not the concern at that stage - The material available with the Assessing Officer at the stage of initiation was relevant, it came from the relevant person and was sufficient prima facie evidence enabling the Assessing Officer to entertain a belief about escapement of income form assessment in the hands of the assessee on account of variation in the number of gold ginnies declared in the return of income vis-a-vis the number of ginnies claimed to be received by Shri Sat Pal Grover(co-purchaser) - hold that having regard to the facts and material on record, the ingredients of section 147 are fulfilled in this case and the Assessing Officer was justified in initiating proceedings u/s 147 of the Act by issuance of notice u/s 148 of the Act - Thus, the appeals are dismissed.
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