INCOME TAX : Where assessee was aware that transaction with company ‘A’ was not business transaction but in form of bogus purchase, however, failed to disclose true and correct facts at relevant time, Assessing Officer was entitled to initiate reassessment proceedings on basis of tangible material which came into his hands through investigation wing which helped to expose untruthfulness of entry of purchase made in books of accountINCOME TAX : Where assessee was aware that transaction with company ‘A’ was not business transaction but in form of bogus purchase, however, failed to disclose true and correct facts at relevant time, Assessing Officer was entitled to initiate reassessment proceedings on basis of tangible material which came into his hands through investigation wing which helped to expose untruthfulness of entry of purchase made in books of accountwww.taxmann.com Latest Case LawsRead More
