TaxTMI 
TaxTMI 
TaxTMI 
2018 (2) TMI 1471
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....(PER : HONOURABLE Mr. JUSTICE AKIL KURESHI) Petitioner has challenged a Notice dated 31st March 2017 issued by the respondent-Assessing Officer to reopen the petitioner's assessment for Assessment Year 2010-2011. Brief facts are as under : The petitioner is a registered Public Charitable Trust. For the Assessment Year 2010-2011, the petitioner had filed return of income on 13th August 2010....
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....posited in bank by the trust, ought to have been brought to tax has escaped the assessment within the meaning of section 147 of the I.T. Act. Therefore, I propose to assess/reassess the income of the assessee trust for A.Y.2010-11 as per the provisions of section 147 of the Income tax Act, subject to the provisions of Section 148 to 153 of the Income Tax Act, 1961." The petitioner raised objecti....
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....at issue will be examined at the time of re-assessment proceedings. A.O. made satisfaction and recorded reason that I have reason to believe that cash deposited in bank by the trust, ought to have brought to has escaped the assessment within the meaning of section 147 of the I.T. Act. In this assessment year 2010-11, no scrutiny assessment has been done. Therefore, the contention of the assessee h....
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....essment. Counsel for the Revenue however contended that in such return, the assessee had not disclosed the income of Rs. 33.97 lacs which the assessee-trust received in cash and deposited in a bank account. This assertion also is not borne out from the record. The assessee had from the outset been contending that the assessee's accounts are duly audited and such audited accounts are presented alo....