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2008 (8) TMI 524 - HC - Income TaxReassessment- There was no allegation with regard to purchase and sale of certain shares of DEIL. However there was no allegation with regard to the purchase and sale of shares of DEIL by the assessee company, and furthermore, simple purchase or sale of shares could not result in escapement of income unless there was information to the effect that some shares were sold and profits arising therefrom had not been declared in the income tax return. Held that- in the reassessment order there was no addition in pursuance of the reasons recorded by the Assessing Officer. The only addition has been made on account of interest notionally calculated by the Assessing Officer on the amount of advance given to the subsidiary company. The order of reassessment was not valid.
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