9911796707
TMI Blog1990 (11) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... ces dated August 16, 1979, issued under section 148 of the Income-tax Act for the assessment years 1971-72 and 1972-73 by respondent No. 1, Income-tax Officer, Central Circle-IV, Calcutta, and to restrain them from taking and/or initiating any proceedings in pursuance thereof on the ground that there has been no failure or omission on the part of the petitioner to make a return of his income for the said assessment years 1971-72, 1972-73 and/or to disclose fully and truly all the primary facts necessary for the said years in the course of the said original assessment proceedings under the Income-tax Act. It is asserted that there were and/or could be no reasonable grounds for respondent No. 1 to believe that there had been underassessment o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he share capital of the company was Rs. 25,000. The company was granted a commencement certificate on October 5, 1964. The accounting year elected by the company ended on Diwali. From the information available in the files of Sri S. P. Jaiswal (individual) and his Hindu undivided family (S. P. Jaiswal and others), it has been found that Sri S. P. Jaiswal wanted to put up a posh hotel on the property at No. 235, Lower Circular Road, Calcutta, and with this view, the tenants occupying the original building in those premises were vacated by Diwali, 1962. To achieve this, it is observed that the company, S. P. Jaiswal Estate Private Limited, was already floated in October, 1964, but with no activity till an agreement was entered into between th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal upon the decision of the statutory authority. The writ court has to examine the decision-making process as found by the Hon'ble Supreme Court in its decision in State of U. P. v. Dharmender Prasad Singh (Maharaja), AIR 1989 SC 997. Unless there are no recorded reasons to initiate the proceedings under sections 147 and 148 of the Income-tax Act or the reasons are prima facie perverse necessitating interference by the writ court, this court is not inclined to interfere with the matter. Besides the issuance of the impugned notice, there will be no conclusive finding. The assessment is open as there is bona fide belief that there is suppression or omission on the part of the assessee and that there is escapement of true assessment. This ..... X X X X Extracts X X X X X X X X Extracts X X X X
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