SLP dismissed against ruling quashing reassessment as there was no failure on part of assessee to disclose material facts

INCOME TAX : SLP dismissed against High Court ruling that where assessee neither received loan from company in which he had more than 10 per cent shareholding nor did amount advanced by said loan giver company to concerns in which assessee had substantial interest was out of accumulated profits of loan giver company, reassessment after 4 years was without authority of law and, hence, same was to be quashedINCOME TAX : SLP dismissed against High Court ruling that where assessee neither received loan from company in which he had more than 10 per cent shareholding nor did amount advanced by said loan giver company to concerns in which assessee had substantial interest was out of accumulated profits of loan giver company, reassessment after 4 years was without authority of law and, hence, same was to be quashedwww.taxmann.com Latest Case LawsRead More

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