1995 (1) TMI 20 - HC - Income Tax

Summary

The High Court of Madras refrained from making any order to answer the questions referred to them regarding the invocation of section 147(b) of the Income-tax Act, 1961. The court held that necessary information for reopening assessment under section 147(b) is satisfied if any omission in income is pointed out, whether through an audit report or otherwise. The Tribunal's order was deemed correct and required no interference. The reference was disposed of with no costs.