Application of Section 147 of Income Tax Act by AO having Tangible Material in Possession indicating Escapement of Income Chargeable to Tax is Valid: ITAT [Read Order]

By Fathima Karama A.M - On September 19, 2023 10:11 pm - 2 mins read

Application - Income- Tax -Act - AO - Tangible-Material - Possession - Escapement - Income-Chargeable - Tax - Valid-ITAT-TAXSCAN

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the application of Section 147 of the Income Tax Act 1961, by an Assessing Officer (AO) having tangible material in possession indicating escapement of Income chargeable to tax is valid. The assessee,Lakshman Tools Pvt. Ltd. was a resident corporate entity stated to be…

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Topics

accommodation Assessing Officer G S Pannu ITAT Delhi section 143(1) of the Income Tax Act Section 147 of the Income Tax Act