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TMI Blog2008 (12) TMI 308X X X X Extracts X X X X X X X X Extracts X X X X ..... f cash amounting to Rs. 50 lacs seized by the police." 3. The assessee has raised the following cross-objections: "1. That assessment framed is against law and facts of the case, on facts of the case notice issued under s. 148 is illegal, unjustified and against the provisions of IT Act. 2. That the income assessed by the AO has been assessed in case, of Shri K.D. Bali and his employees Deep Chand, Shri Suram Singh there is no justification to assess the income-tax in different hands (sic). 3. That the assessee has no where admitted before ITO that he is the owner of Rs. 50 lacs. From facts and circumstances cannot be assessed in assessee's hand." 4. Apropos the assessee's cross-objections, the assessee has submitted that the noti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (4) Vikas Printery vs. Asstt. Director of IT (Inv.) Anr. (2004) 190 CTR (Guj) 608 : (2004) 270 ITR 68 (Guj). (5) CIT vs. Annamalai Finance Ltd. (2005) 197 CTR (Mad) 86 : (2005) 275 ITR 451 (Mad). It has been submitted that it is settled that if the proceedings are pending pursuant to one notice, issuance of a second notice is illegal. 7. The learned Departmental Representative, on the other hand, has strongly relied on the impugned order. It has been submitted that as rightly noted by the learned CIT(A), the AO had reason to believe that income chargeable to tax had escaped assessment and it was in pursuance of this reason to believe, that the notice under consideration was issued; that the original return of income had been accep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income had escaped assessment, it was a case of change of opinion and notice for reassessment and reassessment proceedings were not valid. 12. In CIT vs. Annamalai Finance Ltd., it has been held, inter alia, that reason to believe income having escaped assessment is a condition precedent for issuance of reassessment notice and that a mere change of opinion by the AO is not a ground for issuance of such a notice. 13. In view of the above numerous judicial pronouncements, it is amply clear that unless the return of income already filed is disposed of, no notice for reassessment can be issued. In another words, no reassessment proceedings can be initiated unless the assessment proceedings pending on the basis of the return already filed a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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