It is not necessary that materials before AO should conclusively prove that income had escaped assessment: ITAT

I. INCOME TAX: Where only during assessment of succeeding year, local authority intimated that Building Completion Certificate was not issued to housing project and further on verification Assessing Officer found that built-up area of certain flats was more than 1000 sq. ft., such information gathered subsequent to culmination of original assessment would be a bona fide reason to believe that income chargeble to tax had escapad assessmentI. INCOME TAX: Where only during assessment of succeeding year, local authority intimated that Building Completion Certificate was not issued to housing project and further on verification Assessing Officer found that built-up area of certain flats was more than 1000 sq. ft., such information gathered subsequent to culmination of original assessment would be a bona fide reason to believe that income chargeble to tax had escapad assessmentwww.taxmann.com Latest Case LawsRead More

Leave a Reply