1981 (1) TMI 130

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....and 1973-74. 2. The ITO relying upon the report of the Revenue Audit reopened the assessments for the assessment years 1972-73 and 1973-74. The Audit Report indicated that the plant and machinery of Ganges Flour Mills etc. belonging to the assessee-HUF had been leased out to the firm of Sadiram Ganga Prasad. Depreciation on these machinery had been allowed for the assessment years 1971-72, 1972....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....reopening was not merely on the basis of Audit Report but the information leading to reasonable belief on the part of the ITO that income had escaped assessment. In particular, he referred to the fact that the assessee had not shown income from residential property in its returns. Consequently, there was escapement of income and so the assessments were rightly reopened. Shri H.P. Agarwal, learned ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....-disclosure of income from self-occupied property we find that the entire property at 365, Harrisgunj, Kanpur had been leased out to the firm. The lease was executed on 21st January, 1957. The lease deed states that the joint family owns plant, machinery, quarters, residential houses, bungalows, godowns, gardens, out-houses, offices, boundary walls, oil tanks, pipes, mill siding, gates, garages, r....