INCOME TAX: Based on return of income filed by petitioner / assessee, assessment order had been passed and subsequently it was found that for payment effected in Foreign currency towards loan guarantee interest, no tax was deducted by assessee at source and thus, Assessing Officer had ‘reason to believe’ that income chargeable to tax had escaped assessment. Under these circumstances, assessee could not say that he had produced all material facts and books of account etc.INCOME TAX: Based on return of income filed by petitioner / assessee, assessment order had been passed and subsequently it was found that for payment effected in Foreign currency towards loan guarantee interest, no tax was deducted by assessee at source and thus, Assessing Officer had ‘reason to believe’ that income chargeable to tax had escaped assessment. Under these circumstances, assessee could not say that he had produced all material facts and books of account etc.www.taxmann.com Latest Case LawsRead More
