COMMISSIONER OF INCOME TAX-III vs. M/S. CALCUTTA KNITWEARS, LUDHIANA

unexplained investment) and Rs.5,71,172/- (profit element)) by order dated 08.02.2008. The assessing officer is of the view that Section 158BE of the Act does not provide for any limitation for issuance of notice and completion of the assessment proceedings under Section 158BD of the Act and therefore a notice could be issued even after completion of the proceedings

M/S. K.P. MADHUSUDHANAN vs. COMMNR. OF INCOME TAX, COCHIN, KERALA

unexplained investment. Penalty proceedings were then initiated against the assessee under Section 271(1)(c) of the Income Tax Act, 1961. The Assessing Officer found the assessees explanation in regard to the loans to be unacceptable and noted that it had itself offered the addition of Rs.93,000/-. Applying Explanation (1B) of Section 271(1)(c), the Assessing Officer imposed

M/S. MANGALAM PUBLICATIONS, KOTTAYAM vs. COMMISSIONER OF INCOME TAX, KOTTAYAM

Bench: This Court & On Leave Being Granted, Civil Appeals Have Been Registered. 3.

disallowances. He submits that for the assessment year 1993–1994, the appellant had maintained complete set of books of account, audited profit and loss account and balance sheet which were duly filed before the assessing officer. Following assessment proceedings, assessing officer passed the assessment order for the assessment year 1993 – 1994 on 27.01.1994 under Section