Wednesday 31 July 2013

AO can't initiate re-assessment without an allegation of failure of assessee to disclose material fa

IT : Where Assessing Officer in reassessment proceedings treated share application money received by assessee as unexplained cash credit under section 68 and added same to its income, since in reasons recorded there was no specific allegation that assessee had failed to truly disclose any material facts at time of assessment, reassessment proceedings were illegal and without jurisdiction


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