Allowing the appeal of the revenue the Court held that since Tribunal had not taken note of fact that Assessing Officer had recorded reasons and had held that escapement of income from assessment had taken place due to failure to disclose fully and truly all material facts necessary on part of assessee, impugned order of Tribunal was to be quashed and matter was to be remitted back to Tribunal to decide same afresh. (AY. 2003-04)
CIT v. Shriram Chits (Karnataka) (P.) Ltd. (2021) 277 Taxman 224 (Karn.)(HC)
S. 147 : Reassessment-Business expenditure-Loss on bidding deduction-Tribunal quashed the reassessment on the ground that there was no failure on the part of assessee to disclose all material facts-High court quashed the order of Tribunal and remanded the matter back to Tribunal to decide on merit afresh. [S. 37(1)), 148]