Bombay High Court Dismisses Writ Petition Challenging Reassessment Notices Under Income Tax Act — Reassessment Valid as Income Escaped Assessment Due to Failure to Disclose Nature of Deposits. The court held that reassessment under Section 147 of the Income Tax Act, 1961 was justified as the petitioner failed to disclose that non-refundable deposits and funds were trading receipts, and the subsequent Supreme Court decision did not change the law but clarified it.
5 Jul 2005The petitioner, Shri Chhatrapati Sahakari Sakhar Karkhana Ltd., a cooperative sugar factory, had its income tax assessments for the years 1972-73 to 1...
