Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (10) TMI 1227 - HC - Income TaxReassessment under section 147 – Notice issued u/s 148 for the re-opening of assessment - payment of managerial remuneration in excess of the prescribed limit which was not approved by the central government - disclosure in the balance sheet – Held that:- Assessee/petitioner had disclosed full and true material particulars and had discharge its obligations under law. Material facts were stated and it is not a case where inference had to be deduced or some application of mind was required to understand and deduce any other fact. There was nothing hidden or imbedded in the document or the accounts. It is not the case of the Assessing Officer that any material had come to its possession or knowledge post the assessment under Section 143(3) of the Income Tax Act. The factual material was already before the Assessing Officer and had been fully and truly disclosed by the petitioner. The Revenue thus had to satisfy the additional requirement as mentioned in condition No. (v) as laid down by the judgment in Usha International case [2012 (9) TMI 767 - DELHI HIGH COURT] i.e. there was failure or omission on the part of the Assessee to disclose full and true material facts – In the present case, there is no such failure of disclosure – Decided in favor of Assessee.
|