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2012 (4) TMI 273 - HC - Income TaxValidity of re-opening of assessment beyond a period of four year from the end of relevant AY – Trust – AY 2004-05 - assessment reopened on ground of information received by A.O. of alleged misappropriation of funds – assessment of AY 2005-05 pending when FIR of misappropriation of funds was lodged – Held that:- A.O. formed belief on the basis of the material revealed in the investigation which was carried out by CID, Mumbai. The chargesheet which has been filed by the EOW would in our view constitute tangible material on the basis of which the A.O. could have reopened the assessment. Conclusion drawn by A.O. that there was a failure on the part of the assessee to fully and truly disclose material facts necessary for the assessment for the Assessment Year 2004-2005 is upheld – Decided against the petitioner.
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