2006 (8) TMI 512

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....ith Mr.S.R. Chauhan for the Respondents.   P.C. :   1. Heard Mr.Mistry for the Petitioner and Mr.Kotangale for the Respondents. The Respondents have filed their reply and the rejoinder has also been filed by the Petitioner. 2. Rule. Rule is made returnable forthwith. 3.We have noted the submissions of both the parties. The Petitioner is a public limited company engaged in the....

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....arious entries appearing in the opening and closing stocks and purchases and sales of those stocks. Thereafter the officer has concluded that there is a loss of Rs.19.86 crores and that the loss was speculative one. He has therefore come to a conclusion that the income chargeable to tax to the extent of Rs.19.86 crores has escaped the assessment and that is how he has passed the order under sectio....

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.... failure on the part of the assessee to make a true return which is what provided in proviso to section 147 and wherein such a reopening would be permissible after the expiry of four years. In the instant case, nothing of the kind has happened. 5. Mr.Kotangale, learned counsel for the Respondents, has drawn our attention to a judgment of the Apex Court in the case of Sri Krishna Pvt. Ltd. v. In....

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....ound to be definite, specific and reliable. This subsequent information included the confession of the Managing Director that the company had not advanced any loan to any person during the period covered and for which certain cash loans were supposed to have been advanced. It was in the facts of this particular development that the Apex Court held that the reopening was justified. 7. In the fac....