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2010 (12) TMI 837 - HC - Income TaxReopening - Income escaping assessment - The proviso to section 147 of the Act, among other things, empowers the assessing authority to invoke section 148 of the Act to issue notice for reopening the assessment beyond the prescribed period of four years, from the end of the relevant assessment year, if the assessee failed to disclose fully and truly all material facts necessary for the assessment for that year - the factum of common directors of the transferor company and the transferee company, and the location of both offices in the same place, though specifically raised in the grounds of appeal before the Tribunal, were not controverted by the appellant - Moreover, as rightly pointed out by the Tribunal, the failure of the appellant in not having disclosed the agreement before the Assessing Officer really raises very many doubts as to the genuineness of the alleged transaction by way of transfer of division - The order of the assessing authority and consequently, the impugned order of the Tribunal in having set aside the order of the Commissioner of Income-tax (Appeals) and restoring the order of the Assessing Officer, was perfectly justified - The appeal fails and the same is dismissed
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