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2017 (11) TMI 1695 - HC - Income TaxReassessment - interpretation of explanation (1) to Section 147 - exception u/s 11 - charitable activity - whether the assessee as local authority instead of AOP - Held that:- The reasons recorded for reopening are contrary to the records. The assessee has, during the course of original assessment furnished all its accounts, Balance Sheets and the Revenue account before the AO. Therefore, there is no material suggesting that the assessee has not disclosed the material facts fully and truly for his assessment. - Reassessment proceedings are invalid - Decided in favor of assessee. Regarding charitable activity and exemption u/s 11 - Following the decision in the case of CIT vs. Raj Housing Board Jaipur [2017 (5) TMI 1607 - RAJASTHAN HIGH COURT], Decided against the revenue.
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