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2012 (12) TMI 451 - HC - Income TaxPayment of commission to the directors - applicability of Section 36(1)(ii) - reassessment u/s 148 / 148 - held that:- The fact of payment of commission to the directors and the fact that they were major shareholders were already on record and the assessing officer gathered these facts only from the perusal of the assessment record. The Tribunal has accordingly held that the reopening of the assessment made after four years from the end of the relevant assessment year, where the original assessment was framed under section 143(3), was invalid. It has not been pointed out before us on behalf of the revenue that these findings of fact are erroneous or were contrary to the material on record. - Decided in favor of assessee.
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