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TMI Blog1995 (9) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... nt notice dated March 31, 1995, issued by the Assessing Officer under section 148 read with section 147 of the Income-tax Act, 1961, for the assessment year 1990-91. The reasons recorded by the Assessing Officer for issuing notice read as under : " The assessee-company filed its return of income on December 28, 1990, declaring a total income of Rs. 1,80,72,380 which was revised to Rs. 1,89,22, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... preciation revaluation reserve which has been deducted in computing the book profit. Also incorrect set-off of investment allowance has been given. I, therefore, have reasons to believe that income has escaped assessment to the extent mentioned above, accordingly notice under section 148 is issued. " Learned counsel for the parties state that for identical reasons, notice under section 148 rea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es, income is deemed to have escaped assessment giving jurisdiction to the Assessing Officer to act under the said provision. Another requirement which is necessary for assuming jurisdiction is that the Assessing Officer shall record his reasons for issuing notice. This requirement necessarily postulates that before the Assessing Officer is satisfied to act under the aforesaid provisions, he must ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ke action under sections 147 and 148 of the Act. We are also of the opinion that, howsoever wide the scope for taking action under section 148 of the Act be, it does not confer jurisdiction on a change of opinion on the interpretation of a particular provision from that earlier adopted by the assessing authority. For coming to the conclusion whether there has been excessive loss or depreciation al ..... X X X X Extracts X X X X X X X X Extracts X X X X
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