TMI BlogValidity of Reopening of assessment u/s 147 - to say that the assessee had concealed any material fact...Validity of Reopening of assessment u/s 147 - to say that the assessee had concealed any material fact relating to EDC, is not correct. That he had reflected it is as a liability in the Balance Sheet and not shown it as revenue receipt in its Profit & Loss Account, is not a matter of fact but on the contrary it is an interpretation of the fact of receipt of EDC regarding its nature and the reasons do not bring out any material /information with the AO leading him to form this opinion of the EDC ..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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