Case Law Details
Notice u/s 148 issued to assessee after four years on the grounds that assessee has not truly and fairly disclosed material facts during assessment proceedings u/s 143(3).
Held: The assessee, during the course of assessment proceedings for Assessment Year 2004-2005, had not furnished any intimation to the Assessing Officer about the alleged misappropriation of funds. Though the FIR was lodged by the Assessee on 16 March, 2006 and the assessment proceedings for Assessment Year 2004-2005 were completed thereafter on 22 December, 2006, the filing of the FIR was not disclosed to the Assessing Officer.
In the light of the alleged misappropriation of funds, the Assessee’s claim to exemption under Section 11, for continuation of its registration under Sections 12A/12AA and the provisions of Section 13 need to be examined and the claim of the assessee may have to be disallowed; The fact that the lodging of the FIR was not disclosed before the Assessing Officer is not disputed by counsel. Consequently the jurisdictional requirement in the proviso to section 147 has been duly fulfilled.
HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
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