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2019 (3) TMI 634 - AT - Income TaxReopening of assessment - reasons to believe - failure on the part of the assessee to disclose fully and truly all material facts - HELD THAT:- AO has recorded a clear finding in the “reasons recorded” that there was a failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment within the meaning of section 147 of the Act. It has been contended by the Ld. AR that the AO has simply stated that there was a failure on the part of the assessee to fully and truly disclose all the material particulars and the AO has not stated as to which material the assessee had failed to disclose and, therefore, the re-opening was bad in law. However, the contention of the Ld. AR regarding full and true disclosure has to be rejected in terms of explanation 1 to Section 147. The explanation supports the case of the Revenue that mere submission of documents like income returns, copy of PAN cards, copy of bank statements, confirmation from the share applicants etc by itself would not amount to proper disclosure by the assessee as the very material fact that the impugned transaction/s related to accommodation entries was not disclosed by the assessee. Accordingly, we uphold the validity of the re-assessment proceedings - Decided against assessee.
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