TMI Blog1976 (3) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... sment year 1961-62 is the subject-matter of challenge. The assessee is a registered partnership firm. It was contended that there was no material for reopening. In answer to the rule nisi in the affidavit-in-opposition it was stated on behalf of the respondent that for the assessment year 1961-62 the firm had filed return of income on February 22, 1962, disclosing an income of Rs. 80,006. The inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proceedings were initiated against the petitioner-firm. It was stated that from the disclosure petitions it would appear that fictitious and false entries were made in the books of the assessee-firm. The reasons as recorded under clause (a) of section 147 of the Income-tax Act, 1961, for obtaining sanction were produced before me and the said reasons were to the following effect: " The books of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I have, therefore, reason to believe that by reason of omission or failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment for the assessment year 1961-62, income chargeable to tax has escaped assessment." It appears that the reasons were, firstly, that there were false entries in the books of account of the assessee. Even if there were ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ped assessment due to failure or omission on the part of the assessee. In this connection, reliance may be placed on the observations of the Division Bench of the Bombay High Court in the case of Narayandas Kedarnath v. Commissioner of Income-tax. It further appears that in obtaining sanction from the Commissioner it was represented that the assessee had made a confession. That is incorrect. The a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
