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2009 (10) TMI 463 - HC - Income TaxReassessment- The Assessing Officer initiated proceedings for reassessment and made certain additions to the declared income of the assessee. The basis for re-assessment was proceedings under the Central Excise Act showing clandestine removal of stocks outside the books of account. The Commissioner of Income-tax (Appeals) deleted the said additions. On further appeal, the Tribunal directed the framing of a fresh assessment. Held that- the assessing authority could not be required to wait till the decision of the Excise Tribunal, by which time proceedings may become time barred. Proceedings under the Central Excise Act had relevance only for formation of opinion of escapement of income and thereafter, the authorities had to independently finalise reassessment irrespective of the final view in excise proceedings.
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