[aaykarbhavan] Sham transactions disclosed in return to be re-assessed in income escaping assessment and not in block assessment

Sham transactions disclosed in return to be re-assessed in income escaping assessment and not in block assessment

August 7, 2014[2014] 47 taxmann.com 80 (Allahabad)

IT: Authorities were justified in not including gift cheques in block assessment proceedings where during post search enquiry it became known that gift cheques shown by assessee in its return filed under section 139 were not regular transactions but were purely arranged transactions to avoid income-tax

IT: Material found in post search enquiries could form a 'reason to believe' that income had escaped assessment by issuance of a notice under section 143(2), however where period under section 143(2) had expired, Assessing Officer having genuine reasons to believe that income had escaped assessment, could issue notice under section 148

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Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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