Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2012 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (10) TMI 11 - HC - Income TaxAssessment in the hands of Beneficiaries of the trust u/s 166 – search – reassessment - alleged that assessees were not declaring their beneficial interest received from the Trust - assessing authority added the beneficial interest received by the assessees and recomputed the tax liability while initiating penalty proceedings – Held that:- Income in question has been included in the returns filed by the trustee under Section 161 of the Act on the one hand and a note to that effect has also been appended along with the returns filed by the assessee under Section 139 of the Act - Escapement is when the income is not disclosed or when the suppressed income is identified etc. - All material particulars have been disclosed by the assessees - There is no concealment. Nor has anything been found during the course of search - in favour of the assessees
|