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2012 (4) TMI 487 - HC - Income TaxValidity of reopening of assessment beyond 4 years – Trust - A.Y. 2004-05 – Revenue contended that provision made in the accounts cannot be treated as income applied to the objects of the trust hence escapement of income – not entitled for double deduction by way of claiming both capital expenditure as application of income and depreciation on capital assets – Held that:- Second contention of revenue is not sustained, since same has been decided in favor of assessee for A.Y. 2003-04. Further, since Income & Expenditure A/c clearly reflects provision for doubtful accounts it is ex facie, evident that there was no suppression of material facts by the assessee. Therefore, in absence of failure on the part of the assessee to disclose fully and truly all material facts, notice issued u/s 148 is quashed – Decided in favor of assessee.
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