1990 (8) TMI 20

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..... Act, 1961 the Act "), the Department has contended that the Tribunal ought to have referred one question suggested by it as a question of law. The question reads as under : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that this was a case of change of opinion regarding the same material on the record and as such reopening under sectio .....

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..... y. However, it is seen that the loan so obtained was neither utilised by the assessee for acquiring, repairing, renovating, constructing, renewing or reconstructing the property under consideration. Hence, the interest so paid is not allowable as a deduction under section 24(1)(vi) of the Income-tax Act, 1961, thereby the income of the assessee has escaped assessment to the extent of Rs. 80,519 fo .....

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..... ar case of the Income-tax Officer's changing his opinion on the same set of facts. One of the conditions precedent for assumption of jurisdiction under section 147(b), admittedly, is that the reason to believe that income has escaped assessment is formed by the Income-tax Officer in consequence of information received after the assessment is completed. This requirement is not satisfied. There is, .....

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