2006 (7) TMI 156

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..... rising out of I.T.A. No. 93/Del./2002. The only question that has arisen in this case is whether the Assessing Officer recorded reasons for issuance of a notice for initiation of reassessment proceedings. The "reasons" recorded by the Assessing Officer are quoted in the order of the Tribunal and are as follows: "Recording of reasons under section 147 in this case the assessee has moved an ap .....

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..... The assessment year that we are concerned with is 1995-96. This was not the subject-matter of any application before the Settlement Commission. The application was moved by the assessee in respect of the assessment years other than 1995-96, while the Assessing Officer sought to initiate reassessment proceedings for the assessment year 1995-96. The Tribunal while allowing the appeal filed by t .....

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..... d the belief, so that, on such reasons, no one properly instructed on facts and law could reasonably entertain the belief, the conclusion would be inescapable that the Income-tax Officer could not have reason to believe that any part of the income of the assessee had escaped assessment and such escapement was by reason of the omission or failure on the part of the assessee to disclose fully and tr .....

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