Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2012 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (5) TMI 25 - HC - Income TaxReassessment - Addition u/s 68 - Reason to believe - AO after verifying the assessment records and information received from the Director General (Investigation) through CIT, Delhi-IV, had come to the conclusion that the assessable income had escaped assessment - held that:- Mere reproduction of the language of the proviso and observation by the Assessing Officer that there was failure or omission on the part of the assessee to disclose fully and truly all material facts is not necessary. It has to be examined whether the Assessing Officer had drawn an inference or given a finding that there was omission or failure on the part of the assessee to disclose fully and truly material facts. The requirement is that there should be full and true disclosure of the material facts before the Assessing Officer. In the present case, the tribunal has not referred to the letter dated 19th July, 2006 written by the Additional CIT and the information, which was enclosed with the said letter. What was the nature and character of the said information has not been considered and examined by the tribunal. - Matter remanded back to tribunal - Decided in favor of revenue.
|