1994 (11) TMI 102

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....the Income-tax Act, 1961, for the assessment years 1984-85 to 1988-89 on March 7, 1989. The petitioner's case is that there was no omission or failure on the part of the assessee to disclose truly and fully material facts relating to the assessment year inasmuch as there is no information relating to escaped income. Hence, the said notice is liable to be set aside. It is further contended that ....

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....he assessment years, which has been assessed, and on inquiry or on the basis of some material on the record, some income of the assessee has escaped assessment and the material for the year in question is on record, the authority would be within its competence to issue such notice. On behalf of the respondent reliance is placed on the report, where it records, that only part of the building, viz.,....

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....construction of building, was not utilised for the purpose of business and profession and hence this amount was not allowable. The assessee never disclosed these facts either in his return or at any time during the course of assessment proceedings and instead claimed the said building to be the head office building of the business. " It is on this basis it is urged that the material did exist o....