BETEX INDIA LIMITED,SURAT vs. DY. COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE-2, SURAT

In the result, Ground No. 4 to 6 raised by the Revenue in ITA

Bench: Shri Pawan Singh, Hon'Ble & Dr. A. L. Saini, Hon'Ble Accountnat Member (Physical Court Hearing) Sl.

bogus transaction and in such event, mere disclosure of the transaction cannot be said to be true and full disclosure and the Income-tax Officer would have jurisdiction to reopen the concluded assessment. It would be apt to quote some observations of the Apex Court in the case of Phul Chand Bajrang Lal (supra), which read as under

RAJESH PODDAR,SURAT vs. ACIT CENTRAL CIRCLE-4, SURAT

In the result, assessee's appeal is dismissed

B' in Para 9.5 of the\norder of the CIT(A), he submitted that the CIT(A) has considered the evidences\nin respect of six family members only and not 8 family members. He drew our\nattention to the evidences placed in the paper book such as last wealth-tax\nreturns of the family members, purchase bills after the said