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2018 (8) TMI 1476 - HC - Income TaxReopening of assessment - investment in the real estate - purchase of land in cash - Nil return was accepted without scrutiny u/s 143(1) - during the search u/s 12/133A of another person, various incriminating documents were seized - Held that:- Prima facie, the Assessing Officer has material at his command to form a belief that payments in cash were made not for purchase of land property and these payments were made during the period relevant to the year under consideration. If these facts are ultimately established, the question of taxing the petitioners for such undisclosed investment would immediately arise. Reopening of the assessments therefore cannot be quashed. - Decided against the assessee.
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