2 results for “reassessment u/s 147”+ Section 2(14)(iii)clear
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In the result, appeal of the assessee is allowed on legal ground
u/s. 143(2) of the Act was issued. During the course of the assessment proceedings the Assessing Officer gathered information from M/s. Escorts Finance Ltd and the bank account of the assessee. He found that the total deposits in the bank account of the assessee was Rs,12,07,879/-. Since the assessee failed to furnish any explanation