Dismissing the appeal the Court held that failure to disclose material facts during assessment proceedings u/s 143(3) as regards advance received from company wherein two partners are share holders with substantial interest. Reassessment is held to be valid. (AY. 1998-99, 1999-2000)
Aswani Enterprises v. ACIT ( 2018) 100 taxmann.com 178/ (2019) 417 ITR 223 (Mad.)(HC) Editorial: SLP dismissed, Aswani Enterprises v .ACIT (2023)456 ITR 33 /294 Taxman 435 (SC)
S. 147 : Reassessment -Deemed dividend- Advances received from company-Two partners are shareholders with substantial interest-Reassessment is held to be valid. [S. 2(22)(e), 148 ]