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2009 (9) TMI 17 - HC - Income TaxRe-opening of assessment – assessment completed earlier u/s 143(3) – assessee challenged the reassessment – held that - at the stage of issuing of notices under Section 148, it is not necessary that the materials must be extensive and detailed - Income Tax Officer during the subsequent assessments for the year 1983-1984 realised that various cash credits/loans were bogus and consequently, detailed reasons have been given for these assessments years as reproduced above which reasons are good enough for reopening of the assessment - during the scrutiny of the returns of the assessment year 1983-84 whereby time and again the ITO asked the assessee to file particulars with respect to the details of the persons with respect to whom the credits were appearing in the books of accounts as loans and which were not complied with by the assessee - The assessment proceedings are, therefore, rightly initiated under Section 147(a)
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