1978 (1) TMI 21 - HC - Income Tax

Summary

The High Court of Allahabad upheld the validity of a notice issued under s. 148 of the I.T. Act, 1961 to reopen the assessment of a petitioner-company for the year 1970-71. The notice was issued based on the discovery of personal and household expenses of directors and their relations debited to company accounts. The court found that the company failed to disclose full and true particulars of its income, justifying the reopening of the assessment. The petition challenging the notice was dismissed.