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2010 (4) TMI 239 - HC - Income TaxReassessment-Notice- the assessing authority issued the notice under section 143(1) & (2). During the course of assessment proceedings the assessing authority noticed the investment at Rs. 10,64,669.90 in the Construction of the factory building at Bhadoi. The assessing authority referred the matter to Departmental valuer. The valuing officer submitted his report. As per the valuation report, there were difference in the expenses incurred in the construction of the factory building as shown by the assessee in the aforesaid years. On the basis of the Departmental valuer’s report and the alleged differences in the investment in the construction, the assessing authority made the addition in the assessment year 2001-02 and had also issued notices under section 148 of the Act for the Assessment year 1998-99. Held that- there is escaped assessment. The Departmental Valuer’s report constituted material for entertaining a belief of escaped income in the year under consideration. The re assessment proceedings are valid.
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