TMI Blog2011 (1) TMI 146X X X X Extracts X X X X X X X X Extracts X X X X ..... al facts necessary for the assessment – Hence, the notice issued under section 148 of the Income-tax Act, 1961 cannot be sustained – Issue in favour of assessee. - Writ Petition No. 2018 of 2010. - - - Dated:- 31-1-2011 - DEVADHAR J. P., MRIDULA BHATKAR MRS. JJ P.J. Pardiwala and A.K. Jasani for the Petitioner. Suresh Kumar for the Respondent. JUDGMENT 1. Heard. 2. Rul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss at Rs.6,82,200. On a perusal of the assessment records, it is observed that the assessee has credited the entrance fee of Rs. 2,96,56,000 directly to the reserves in the balance-sheet without routing it through the income and expenditure account. As a result the income of the assessee has been understated and which has been accepted in the assessment. The assessee-trust has failed to disclose ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cord at the time of original assessment. During the assessment proceedings the Assessing Officer had enquired into the question regarding the allowability of the entrance fee received from its members and on being satisfied allowed the claim. 6. Although the Assessing Officer has recorded reasons to the effect that the assessee has failed to disclose fully and truly all material facts, nothing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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