Validity of Reassessment based on Audit Report/Balance Sheet Submitted during Original Assessment

Brief Facts:

1. The assessee is a company, that filed its income tax return for the Assessment Year 2004-05, declaring an income of Rs. 10,40,11,590/-. Scrutiny Assessment under section 143(3) of the Income Tax Act, 1961 was completed on 22.03.2005.

2. After that, Assessing Officer issued notice u/s 148 of the Income Tax Act, 1961 and gave the following reasons for the same:-

a) The assessee company showed Unsecu

Please become a Premium member. If you are already a Premium member, login here to access the full content.