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2014 (5) TMI 557 - HC - Income TaxValidity of reassessment of order - Held that:- Assessee prima-facie has reduced its tax liability by escalating the debit and other expenses in the book of accounts - the revenue has verified the information u/s 133(6) of the Act - After receiving the information, the discrepancies were recorded - The amount of liability does not tally with the accounts of creditors and debtors for the assessments year - The discrepancies will have to be explained by the assessee - When the discrepancies are there, it will have to be clarified by the assessee - the notices were rightly issued u/s 148 of the Act - The assessee has an opportunity to explain the same by filing the reply to the notices or during the proceedings u/s 147 of the Act – Decided against Assessee.
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