It is not necessary that materials before AO should conclusively prove that income had escaped assessment: ITAT

I. INCOME TAX: Where only during assessment of succeeding year, local authority intimated that Building Completion Certificate was not issued to housing project and further on verification Assessing Officer found that built-up area of certain flats was more than 1000 sq. ft., such information gathered subsequent to culmination of original assessment would be a bona fide reason to believe that income chargeble to tax had escapad assessment

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