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2011 (10) TMI 464 - HC - Income TaxReopening of assessment - Validity of notice u/s 148 - Held that:- The reopening of the assessment in the present case is beyond the period of four years of the end of the relevant assessment year but the reasons disclosed by the AO do not refer to any failure on the part of the assessee to disclose material facts, nor is there any allegation of suppression on the part of the assessee. AO has relied upon Note 3 (e) of Schedule P to the notes forming part of the accounts whereas the assessee had clearly disclosed therein that as a result of the restructuring by the lenders, finance cost to the tune of Rs.20.58 Crores was waived/foregone and that the payment of the balance was to be made in accordance with the settlement terms. Thus the condition precedent to the invocation of the jurisdiction is clearly absent - in favour of assessee.
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