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2013 (6) TMI 164 - HC - Income TaxReopening of assessment - income assessed as loss under the had “Profit and Gains of business or profession” as against the head “Income from other sources” has escaped assessment as banking license had been cancelled by the Reserve Bank of India and its business had been in the process of winding up by the Official Liquidator - Held that:- There was no failure on the part of the assessee to disclose truly and fully all material facts. The crucial fact that the banking licence of the petitioner has been cancelled by the Reserve Bank of India was disclosed in the original return itself. The averment of the counsel for the Revenue that despite such cancellation of the banking licence, the petitioner lodged a false claim, even if were to be corrected, would not per se indicate that there was any failure on the part of the assessee to disclose truly and fully all material facts. As long as this requirement is satisfied, it was simply not open for the Assessing Officer to reopen the assessment beyond the period of four years from the end of relevant assessment year. In favour of assessee.
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