2012 (9) TMI 58 - GUJARAT HIGH COURT

Reassessment – after four years – alleged that income chargeable to tax for the assessment year 2003-04 has escaped assessment - non-disclosure by the assessee of its holding in SDBL for the relevant assessment year – Held that:- While during the course of inquiry, the assessee was asked to submit such details, through which, it was found that the assessee holds 22.3 per cent. of the shares of SDBL - petitioner has failed to disclose these details with regard to SDBPL during original assessment proceedings - no details/evidence produced by the petitioner on the issue of deemed dividend – reassessment upheld