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2012 (8) TMI 115 - AT - Income TaxValidity of notice issued u/s 148 by the Assessing Officer – Held that:- Original assessment u/s 143(3) was completed on 05.12.2006. Thereafter, the AO noted reasons which according to him led to under-assessment of income - it was recorded that the aforesaid income has escaped assessment - notice u/s 148 was issued on 24.10.2007 - notice has been issued and served within a period of four years from the end of relevant assessment year. Therefore, proviso to section 147 is not applicable - details in respect of all these points were not on the record of the AO - it has to be seen in this case whether the disclosure was made properly in the course of assessment so that AO could compute the income correctly - This will necessitate the examination of various grounds for reopening. Regarding provision for milk can repairs - excess allowance of brought forward loss shows that income has escaped assessment - this amount was not offered for taxation. No reason was adduced before the AO in support thereof - evidence pertains to provision in respect of milk can repair, advance to staff and the subsidy of Rs.5.00 lakh received by the assessee - evidence was in possession of the assessee even at the time of assessment - matter restored to the file of the AO as these require examination of additional evidence - appeal is treated as partly allowed for statistical purposes.
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