2019 (11) TMI 1306

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... to any fresh tangible evidence but is based on examination of the record by the Assessing Officer. Thus prima-facie the impugned notice is hit by the proviso to Sections 147 of the Act. The reason to believe that income chargeable to tax has escaped assessment is two fold i.e. one the interest income ought to have been taxed as income from other sources and not as business income and second th .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... failure on the part of the Assessee to disclose the truly and fully all facts necessary for assessment and on account of change of opinion. - WRIT PETITION NO. 1805 OF 2019 - - - Dated:- 19-11-2019 - M.S. SANKLECHA AND NITIN JAMDAR, JJ. Mr. Percy Pardiwala, Senior Advocate a/w. Madhur Agarwal i/b., Jitendra Singh for the Petitioner. Mr. Suresh Kumar for .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... he Assessing Officer. Thus prima-facie the impugned notice is hit by the proviso to Sections 147 of the Act. Besides, the reason to believe that income chargeable to tax has escaped assessment is two fold i.e. one the interest income ought to have been taxed as income from other sources and not as business income and second that the expenses debited under the head other expenses were disproportion .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X