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2016 (5) TMI 289 - HC - Income TaxReopening of assessment - addition of peak credit as per the loose sheet - Held that:- The loose sheet marked KS-19 is the information on the basis of which the Assessing Officer has framed an opinion that income of the assessee has escaped assessment. Such information formed a reasonable basis for the authorities to believe that income chargeable has escaped assessment. Thus, the order as affirmed by the Tribunal is based upon correct appreciation of law and facts. In view of the findings that the income of the assessee has escaped assessment, therefore, the aforestated substantial questions of law are not involved in the appeal and further we find no merit in the appeal. - Decided against assessee
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