Notice u/s 148 can be Issued on Assessee’s Failure to truly disclose Material Facts: ITAT

Purulia Central Cooperative Bank Limited Vs ACIT (ITAT Kolkata) Conclusion:  In present facts of the case, the Hon’ble Tribunal set aside Notice under Section 148 by making observation that the ld. Assessing Officer failed to pinpoint the failure at the end of the assessee to disclose all material facts fully and truly, which led the escapement of income from taxation. Facts: In present facts of the case, the assesese has filed its return of income in compliance to a notice issued under section 142(1) dated 27.03.2007. Subsequently in order to scrutinize the return, a notice under section 1...