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2018 (5) TMI 1492 - HC - Income TaxScope of the scrutiny assessment - Jurisdiction to assess the income u/s 143(3) as per the CBDT circular - Whether the funds received in the form of share premium are from disclosed sources - additions u/s 56(2)(viib) - the issue whether the funds received by a company in the form of share premium have been correctly offered for tax has to be determined and assessed in accordance with the said provision. - Held that:- the assessee cannot be heard to contend that the AO has exceeded its jurisdiction in the matter of passing the order merely for the reason that the funds received by them in the form of share premium have been assessed u/s 56(2)(viib) The circulars relied on by the petitioner have no application to the facts of this case and the same would apply only in cases where the assessing officer needs to take the case of the assessee for a comprehensive scrutiny on a finding that there is potential escapement of income on other issues. - thus the writ petition is without merits and the same is dismissed - Decided against the assessee.
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