NEW DELHI TELEVISION LTD vs. DEPUTY COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE L. NAGESWARA RAO

reassessments were not satisfied. The re­assessments were made with reference to clause (b) of Section 147 of the Act, and apparently the Income Tax Officer proceeded on the basis that in consequence of information in his   possession   he   had   reason   to   believe   that   income chargeable   to   tax   had   escaped   assessment   for   the   two assessment years. From the material before

COMMR.OF INCOME TAX,SIMLA vs. M/S GREEN WORLD CORPORATION

Appeals are disposed of with the aforementioned directions

147, however, does not mean that the Commissioner of Income Tax, in exercise of his power, under Section 263 of the Income Tax Act, cannot record a finding or give a direction for re-opening the assessment pertaining to assessment years other than the assessment year(s) covered by the revisional proceedings. The only effect of the above discussion

DEPUTY COMMISSIONER OF INCOME TAX (CENTRAL) CIRCLE 1(2) vs. M/S M.R. SHAH LOGISTICS PVT. LTD

Appeal is allowed in these terms, without order on costs

Bench: HON'BLE THE CHIEF JUSTICE

u/s 69 & 68 respectively. 3. Based on the facts discussed above, it is to be derived that credit received by assessee as Share premium & Share capital is not genuine but mere accommodation entry used to avoid tax payment and it is the undisclosed income of the assessee-company itself. On verification of return income & Audit report filed by assessee