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KASHMIRI LAL, KASTURI LAL & CO. versus COMMISSIONER OF INCOME-TAX


The ITO of the review sought the credit entry in Assisi's books and began the process of admittance by the lenders on the review that he was involved in the referral business and the admission was not valid. As the Assessment and Reopening of Cash Credit Review Tribunal found that the ITO had reason to believe based on the latter information, that the Assessment had failed to disclose material facts, in fact correct the tribunal's holding process. Was declared the Indian Income Tax Act, 1961, section 147 (a).

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