1995 (3) TMI 69 - HC - Income Tax

Income Tax Act, Information That Income Has Escaped Assessment, Original Assessment, Set Off Of Loss

Summary

The High Court of Madras upheld the reopening of an assessment under section 147(b) of the Income-tax Act, 1961, as the Income-tax Officer independently found that the businesses in question had been closed long back, making the set off of losses improper. The decision was in line with earlier rulings, and the court ruled in favor of the Income-tax Officer.