Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2011 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (1) TMI 942 - HC - Income TaxReopening of assessment - Notice Under Section 148 - Held that:- Reasons for reopening of the assessment recorded that audit scrutiny had indicated that interest was not charged, though interest on loans taken was allowed as a deduction. It is clear from the correspondence exchanged, questionnaire raised and the answers given by the petitioner No.1 that the question of interest received as well as the charge was specifically examined by the Assessing Officer before passing of the first/original assessment order. This question did not escape the notice of the Assessing Officer. He raised the issue and applied his mind as is clear from the questionnaire and the answers given. He accepted the assessee's contention. In the present case there is also no allegation that there was fault or failure on the part of the assessee to disclose true and full facts. The questionnaire and answers given have been mentioned above. True and full facts were given and furnished to the Assessing Officer. In the reasons supplied to the petitioner, there is no whisper, what to speak of any allegation, that the petitioner had failed to disclose fully and truly all material facts necessary for assessment and that because of this failure there has been an escapement of income chargeable to tax. Merely having a reason to believe that income had escaped assessment, is not sufficient to reopen assessments beyond the four year period. In favour of assessee.
|