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2008 (10) TMI 326 - HC - Income TaxSearch and seizure – income declared in revised return pertaining to other entities - It is a well-settled principle that when an assessee files any return or revised return, he/she is always entitled to in law to show that the return filed is by bona fide mistake. It is, therefore, in principle, cannot be argued that the assessee cannot refract from the returns or revised returns filed for the valid reason in law. – Held that the Tribunal after considering the accounts of the entities came to the conclusion that the income reflected in the revised returns of the assessee pertains to all those entities. - Therefore, a direction issued by the Tribunal preventing the Assessing Officer from scrutinizing the accounts of the above entities while assessing the income of the respondent does not appear to be valid in law and not based on any material on record. Hence, the Assessing Officer is entitled to go into the accounts of the said entities to find out whether the income of the said entities have any nexus with the income of the respondent to fasten the tax liability, if any, on the respondent-assessee
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