Reassessment could be Initiated if True Facts not Disclosed Earlier

Brief of the case In the present case, the Hon’ble High court held that the proceedings of re-assessment could be made if full and true facts have not been disclosed earlier. Also, it was held that section 68 could be invoked if the genuineness of parties are not proved. At the last the Hon’ble High Court held that a loan after forfeiture doesn’t become trading receipt. Facts of the Case The facts are that a joint venture company (assessee) was formed for production and development of computer software in India with equity participation of Rs. 70 lakhs. Besides equity participation, the ...