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2011 (11) TMI 242 - HC - Income TaxIncome escaping assessment - Where Assessing Officer in the original assessment order,made an addition of Rs. 19,86,551/- under Section 41(1) but not in respect of other unconfirmed creditors of Rs. 32,97,507/-. This was a factual lapse, which was pointed out in the audit objection and then examined by the authorities. This factual lapse was found to be correct and, therefore, reassessment proceedings were initiated. Initiation of the reassessment proceedings has been held to be proper in view of the decision of the Supreme Court in CIT versus P.V.S. Beedies Private Limited, (1997 - TMI - 5725 - SUPREME Court) and the Delhi High Court in News Light Trading Company vs Commissioner of Income Tax. - Decided against assessee.
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