9911796707
TMI Blog2022 (12) TMI 1219X X X X Extracts X X X X X X X X Extracts X X X X ..... formed reasons to believe that some income chargeable to tax has escaped assessment. Ex consequenti, belief of the AO about any income escaping assessment is sine qua non for initiating re-assessment. No jurisdiction can be assumed for framing assessment u/s 147 of the Act absent such reasons to believe about the escapement of income. On going through the reasons, as reproduced above, it is palpable that the AO initiated re-assessment proceedings just to verify the deposits and withdrawals from the bank account of the assessee. There is no whisper in the reasons as to reason to doubt, much less the reason to believe, about the escapement of income. In view of the fact that the re-assessment has been initiated simply to verify the transac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n response to the notice u/s 148. Thereafter, the assessment was completed determining the total income at Rs.5,31,500. The assessee remained unsuccessful before the ld. CIT(A) - both on legal issue as well as merits. Aggrieved thereby, an appeal has been preferred before the Tribunal. 4. We have heard the rival submissions and gone through the relevant material on record. The AO recorded reasons, before initiating re-assessment proceedings, reading as under: Reasons for the belief that income has escaped assessment:- The DDIT Investigation, Unit-II (I), Pune has forwarded the information w.r.t. STR in the case of Shri Lalchand M. Jagwani vide Letter No.DDIT(INV)/U-II (1)/STR/LJ/2014-15/1145 dated 03/02/2015. Vide above r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Cash Cheque Cash Cheque 22,00,89 4 1,04,96,08 1 50,94,65 0 67,61,57 2 19,94,965 64,12,28 1 20,96,00 0 54,88,83 0 2. It is verified from the ITD application that the Shri Lalchand Jagwani has furnished the return of income for the A.Y. 2008-09 declaring total income of Rs.3,32,500/- only. In the return, he has shown the income of Rs.4,90,000 under the head House Property only and claimed deduction of Rs.1,00,000/- under Ch.VIA of the I.T. Act, 1961. In the return furnished by him for A.Y. 2009-10, he has declared total inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bank account. 6. Section 147 of the Act, dealing with the reassessment, opens with the words If any income chargeable to tax, in the case of an assessee, has escaped assessment for any assessment year, the Assessing Officer may, subject to the provisions of sections 148 to 153, assess or reassess such income . . It is ostensible that the action u/s 147 can be taken when the AO has formed reasons to believe that some income chargeable to tax has escaped assessment. Ex consequenti, belief of the AO about any income escaping assessment is sine qua non for initiating re-assessment. No jurisdiction can be assumed for framing assessment u/s 147 of the Act absent such reasons to believe about the escapement of income. 7. On going through ..... X X X X Extracts X X X X X X X X Extracts X X X X
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