Case Law Details
Case Name : Income-tax Officer Vs Shri Haresh Chand Agarwal, HUF (ITAT Agra)
Related Assessment Year : 2004- 05
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CA Prarthana Jalan
All material evidences were available at the stage of original assessment proceedings and the AO merely following the provisions of section 50C, as was not considered in the original assessment proceedings, reopened the assessment order. The assessee has disclosed all the facts which were known all along to the Revenue. Section 50C is not final determination to prove that it is a case of escapement of income. The report of approved valuer may give estimated figure on the basis of facts of each case. Therefore, on mere applicability of section 50C would not disclose any esc...
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VERY USEFUL ARTICLE.
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