9911796707
TMI Blog2017 (1) TMI 1040X X X X Extracts X X X X X X X X Extracts X X X X ..... invocation of Section 148. She submits that, the reasons are vague. The allegation is of receipt of Rs. 2.20 crores approximately in the relevant assessment year. She submits that, the details of the persons making the funds available are not specified. She submits that, it is not a case that, the assessing officer speaks of one transaction. In view of the vagueness of the charges against the petitioner, the assessing officer ought not to have formed an opinion that there was an income escaping assessment on the materials made available to him. Since such materials are available he ought not to have invoked Section 148. In support of the contention that the assessing officer is required to form an opinion for the purpose of invoking Secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the time of the order of assessment and, therefore, the assessing officer is required to have a relook into the same. He further submits that, the disposal of the objections cannot be construed as an order of reassessment. The petitioner can still demonstrate that, the assumptions made by the assessing officer are incorrect by producing relevant records. I have considered the rival contentions of the parties and the materials made available on record. The assessing officer in the present case seeks to invoke under Section 148 after four years from the relevant date of the assessment. The assessing officer has forwarded the reasons for invoking Section 148 to the assessee. The reasons speak of a suspicious transaction. It specifies that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the formation of belief is a condition precedent as regards the escapement of tax pertaining to the assessment year by the assessing officer. The assessing officer is required to form an opinion before he proceeds to issue a notice. This view can be found in paragraph 15 of the report. It goes on to say that, conclusive proof is not germane at this stage for formation of opinion. However formation of belief must be on the base or foundation or platform of prudence, which a reasonable person is required to apply. Chhugamal Rajpal (supra) holds that, when a notice under Section 148 is not specific, it is required to be set aside. In the present case on receipt of information that, a suspicious transaction of Rs. 2.20 crores had happened in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... doing so. The basis cannot be wished away as mere surmise. He is not required to have conclusive proof at the stage of Section 148. In view of such categorical findings returned by the assessing officer, it would not be appropriate to interfere in the facts of the present case. W.P. No. 938 of 2016 is dismissed. The interim order dated December 21, 2016 is vacated. No order as to costs. Learned advocate for the petitioner seeks stay of the order. He submits that, there subsists an interim order preventing coercive action from being taken. Such interim order should be continued with. The assessing officer has to reopen the assessment and come to a finding of income escaping assessment prior to any coercive measure being taken. There is n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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