Where Assessing Officer issued on assessee a notice under section 142(1) on 30-8-2007 calling upon him to furnish return for assessment year 2005-06, in view of insertion of proviso in clause (i) of section 142(1) by Finance Act, 2006, with retrospective effect from 1-4-1990, said notice was issued well within period of limitation
Where assessee had made cash deposit of Rs. 6.50 lakhs in his bank account on 8-9-2004 and submitted that cash deposit was out of amount withdrawn earlier from bank over a period from February, 2000 to September, 2003 and kept with him, lower authorities were justified in treating said amount as unexplained investments under section 69.
Tags-section 69,section 69 of income tax,section 69 of income tax act,income tax section 69
0 comments:
Post a Comment