9911796707
TMI Blog1999 (4) TMI 77X X X X Extracts X X X X X X X X Extracts X X X X ..... o reopen the assessment under section 147(a) of the Income-tax Act, 1961 ?" The facts necessary for the present purposes are as noticed by the Tribunal in affirming the order of the Commissioner of Income-tax (Appeals) the assessments for the two years have been reopened by issuing notice on October 30, 1975. According to the reasons recorded by the Assessing Officer, the assessment was reopened on the basis of information which was in the form of law laid down by this court in CIT v. Navnitlal Sakarlal [1980] 125 ITR 67. The Commissioner of Income-tax (Appeals) has found that as the reopening of the assessment was founded on the basis of information contained in an order and not on the satisfaction of the Income-tax Officer that the escap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to tax has escaped assessment for that year, or (b) notwithstanding that there has been no omission or failure as mentioned in clause (a) on the part of the assessee, the Income-tax Officer has in consequence of information in his possession reason to believe that income chargeable to tax has escaped assessment for any assessment year, he may, subject to the provisions of sections 148 to 153, assess or reassess such income or recompute the loss or the depreciation allowance, as the case may be, for the assessment year concerned (hereafter in sections 148 to 153 referred to as the relevant assessment year). Explanation 1.---For the purposes of this section, the following shall also be deemed to be cases where income chargeable to tax ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... chargeable to tax has escaped assessment for that year and, secondly, such escapement of income chargeable to tax from assessment is by reason of the omission or failure on the part of the assessee to make a return or to disclose fully and truly all material facts necessary for assessment for that year and clause (b) of section 147 was applicable only where the applicability of clause (a) was excluded and dependent on the formation of belief of the Income-tax Officer that income chargeable to tax has escaped assessment which should be founded as a consequence of information in his possession that is to say the information on the basis of which the belief is entertained must be subsequent to the making of initial assessment. This necessitate ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
