1988 (10) TMI 16

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..... ing an amount of Rs.12,421 which was found to the assessee's credit in the books of Metal Products of India. Since the assessee could not explain the amount, the same was surrendered by him and was shown in the return filed for the assessment year in question. Later on, it was discovered that there were credits to the extent of Rs. 56,416.83 in the books of Northern India Motor Parts Manufacturi .....

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..... int account in the books of Northern India Motor Parts Manufacturing Co. which showed credits of Rs. 56,498.83 and of which he was one of the joint holders. This discovery came to be made only after the original assessment was framed. The sum of Rs. 12,421 surrendered by the assessee in the original assessment has nothing to do with the credits in the joint account of the assessee and two other pa .....

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..... tiated ? " On hearing counsel for the parties and on a consideration of the matter, we are of the opinion that the reassessment proceedings under section 147(a) of the Act have been validly initiated as the assessee kept back his share of credit in Northern India Motor Parts Manufacturing Co. and the non-disclosure of the amount clearly gave jurisdiction for initiating the proceedings as the ass .....

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