2014 (4) TMI 852

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..... Kalyan Jyoti Sengupta ) This appeal is sought to be preferred and admitted against the judgment and order of the learned Tribunal dated 21st June 2013 in relation to the assessment year 2005-06 on the following suggested question of law:             "In the facts and circumstances of the case, Whether the Hon'ble Tribunal (ITAT) is correct .....

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..... as per the reasons recorded for formation of belief while initiating proceeding under Section 147 of the Income Tax Act, 1961." Mr. B. Narasimha Sarma, learned Counsel for the appellant, says that upon reading of Explanation-3 to Section 147 of the Income Tax Act, the learned Tribunal should not have concluded as aforesaid, as the Explanation-3 has got retrospective effect. We are of the view t .....

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..... nation-3 will be applicable in case where live issue, which was subsisting at the time of original assessment and if such issue has escaped the determination of the Assessing Officer, can be a ground for reopening. Any new issue that has cropped up subsequently on new set of facts, the aforesaid Explanation has no application. We think that the Explanation-3 has not really diluted cardinal object .....

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