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2010 (3) TMI 322 - HC - Income TaxReassessment- A notice of reassessment was issued in Feb, 2009 on the ground that the Assessing Officer had not specifically noticed that the assessee had set off the amount received on account of interest u/s 244A with the amount payable on account of interest u/s 220. held that-during the course of the assessment proceedings not merely was there a full disclosure by the assessee of the material fact that the interest income of Rs. 50.14 lakhs represented the difference between interest received u/s 244A and interest paid u/s 220 but, in addition the attention of the Assessing Officer was also specifically drawn to this aspect following his query. The notice of reassessment was not valid and was liable to be quashed.
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