Tangible material required by AO to show income escaped assessment
Facts of the case The Respondent Assessee filed a return of income on 2nd December 2003 showing a loss of Rs. 96,19,890. The return was processed under Section 143(1) of the Act at the return amount. An order for refund of Rs. 20,16,957 was issued. Subsequently, the Assessing Officer (‘AO’) passed an order recording ‘reasons… Read More »