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2014 (1) TMI 1088 - HC - Income TaxValidity of reopening of assessment u/s 147 - Held that:- The list of voluntary contributors/donors towards corpus was not enclosed along with the return nor submitted during the assessment proceedings u/s 143(3) - The assessee has not filed declaration issued by the voluntary contributors/donors, who contributed/ donated the amount directly to the corpus - The assessee has failed to comply with the provisions of Sub section (d) of Section 11(1) - On examination of records available with the Department for A.Y.2004-05, it is observed that the assessee has prepared two balance sheets for this period under consideration. The first balance sheet was finalized as provisional on 26/04/2004 which tallied at ₹ 6,40,89,311.16/- and the other finalized on 30/10/2004 which is tallied at ₹ 5,68,33,136.38/- The A.O. has relevant material in his possession to form the belief that certain income chargeable to tax has escaped assessment for the assessment years 2002-03, 2003-04, 2004-05, 2005-06 and 2006-07 - The A.O. was having material to form the belief in good faith that there was failure on the part of the assessee to disclose fully and truly the material facts necessary for his assessment - The assessee has reason to believe that there is escapement of income - The necessary conditions for invoking the provisions of Sections 147 and 148, stand satisfied in the facts and circumstances of the case - The AO had valid reasons for issuing notice and the AO was directed to complete the assessment within six months time - Decided against assessee.
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