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2010 (4) TMI 855 - HC - Income TaxRe-assessment - notice u/s 148 - held that:- this court can only examine whether there was material to issue notice under section 148 of the Act. - the petitioner has admitted that it had maintained the books of account on the mercantile basis. It is not in dispute that the rent for the months of February and March, 1997, which had been accrued have not been disclosed in the assessment year 1997-98 and for the months of February and March, 1999, which had been accrued, have not been disclosed in the assessment year 1999-2000. - there was material to form belief that there was escaped assessment for both the assessment years and the notices issued under section 148 of the Act have rightly been issued. - Decided against the assessee.
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