Assessee received share application money. During search conducted at premises of assessee and its group companies, assessee\u2019s chairman disclosed statement of one, GL about declaration made under Income Declaration Scheme to effect that it utilized undisclosed cash for investment in share capital of assessee through various companies.. Assessing Officer\u00a0 issued reassessment notice On writ the High Court held that\u00a0 IDS and immunity was to be given in respect of declared amount\u00a0 hence\u00a0 declaration would not provide immunity from taxations in hands of a non-declarant assessee. Since reopening of assessment was based on material seized during search and correlating same with return of income of assessee, Assessing Officer had reasons to believe that income had escaped assessment and reassessment notice\u00a0 is\u00a0 valid.\u00a0 (AY. 2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment- After the expiry of four years -Share application money-Share application money-Search and Seizure-Declaration made under Income Declaration Scheme- Declaration would not provide immunity from taxations in hands of a non-declarant assessee Reassessment notice is valid. [S. 69A, 132, (132(4) 1431(1), 148, (IDS), Finance Act, 2016, S. 183, 192, Art. 226]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-30308","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7SQ","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/30308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=30308"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/30308\/revisions"}],"predecessor-version":[{"id":33165,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/30308\/revisions\/33165"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=30308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=30308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=30308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}