2019 (1) TMI 221

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.... Income Tax Act, 1961. He submits that, the petitioner cannot be held to be guilty of not making full and correct disclosure of the accounts before the Assessing Officer. Consequently, it cannot be said that, there is any income which escaped assessment during the relevant assessment year. He draws the attention of the Court to the queries raised by the Assessing Officer during the assessment proceeding. He submits that, the petitioner gave a detailed reply thereto by a writing dated February 20, 2015. The quantum of Tax Deducted at Source (TDS), both on account of loan as also interest, were furnished to the Assessing Officer. The Assessing Officer considered such material and passed an order of assessment. He submits that, the TDS was ....

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....g assessment, requiring the authorities to invoke provisions of Section 147 and 148 of the Act of 1961. What would be construed as true and full disclosure under the Act of 1961, he relies upon AIR 1993 SC 2390 (M/s. Phool Chand Bajrang Lal and another Vs. Income-Tax Officer and another). In the present case, the authorities have issued the impugned notice dated March 27, 2018 under Section 148 of the Act of 1961 for the assessment year 2012-13. The reasons in support of such exercise of power, as appearing in the writing dated September 28, 2018, states that, the TDS certificate on which the petitioner relies upon are invalid certificates and have no legal standing. In fact, it is doubted as to whether the amounts covered under the TDS ....