9911796707
TMI Blog1990 (8) TMI 101X X X X Extracts X X X X X X X X Extracts X X X X ..... tax Officer to issue notices under section 148 read with section 147(a) of the Income-tax Act, 1961, dated March 26, 1987, March 22, 1988, and September 1, 1987, for the assessment years 1978-79, 1979-89 and 1981-82, respectively. During the course of assessment proceedings, the assessee had, inter alia, filed copies of loan accounts with confirmation letters. On that basis, the genuineness of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ers during the relevant previous years were not genuine and that the petitioners' income for those years had, thus, escaped assessment. He also held that that happened as result of the petitioners' not disclosing fully and truly all material facts necessary for the assessments. The first question is whether the statement of Shri Satyanarayan Kedia constitutes an material, and, if so, whether tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income-tax Officer on the point, it was held that it is not any and every material, howsoever vague and indefinite or distant, remote and farfetched, which would warrant the formation of the belief relating to the escapement of income. In the case of ITO v. Madnani Engineering Works Ltd. [1979] 118 ITR 1, the Supreme Court further held, following its earlier decision in the case of CIT v. Bur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer to investigate and determine whether such loans were genuine. It was admittedly not done during the original assessment proceedings. It cannot be held that the petitioners had failed to disclose fully and truly all material facts necessary for assessment. On the basis of the information indicated by me above, viz., the statement of Shri Kedia in the year 1984 before the raiding party, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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