TaxTMI 
TaxTMI 
1988 (10) TMI 16
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....ND MITAL J.-For the assessment year 1963-64, the taxable income was computed at Rs. 14,223 including an amount of Rs.12,421 which was found to the assessee's credit in the books of Metal Products of India. Since the assessee could not explain the amount, the same was surrendered by him and was shown in the return filed for the assessment year in question. Later on, it was discovered that there ....
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....ecording the following finding : "In this case, the assessee never disclosed that there was a joint account in the books of Northern India Motor Parts Manufacturing Co. which showed credits of Rs. 56,498.83 and of which he was one of the joint holders. This discovery came to be made only after the original assessment was framed. The sum of Rs. 12,421 surrendered by the assessee in the original ....
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.... justified in law in holding that the reassessment proceedings under section 147 (a) were validly initiated ? " On hearing counsel for the parties and on a consideration of the matter, we are of the opinion that the reassessment proceedings under section 147(a) of the Act have been validly initiated as the assessee kept back his share of credit in Northern India Motor Parts Manufacturing Co. an....