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2013 (11) TMI 1323 - AT - Income Tax‘Reasons to believe’ under section 148 of the Income Tax Act – Held that:- Reliance has been placed upon the judgment in the case of Kelvinator of India Ltd[2010 (1) TMI 11 - SUPREME COURT OF INDIA] and also on the judgment in the case of Orient Craft Ltd [2013 (1) TMI 177 - DELHI HIGH COURT] – In the present case, entire details of interest paid to Binani Cement Ltd. was available with the AO at the time of original assessment and the present AO, reopening the assessment, has recorded the reasons from the perusal of assessment records and also found discrepancy and not escapement of income, which is the mandate of section 147 of the Act - There is no whisper in the reasons recorded of any tangible material which has come to the possession of AO subsequent to the assessment – Decided against the Revenue.
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