9911796707
TMI Blog2008 (8) TMI 125X X X X Extracts X X X X X X X X Extracts X X X X ..... ENT 1. These five appeals arise out of the common judgment of the learned Tribunal dt. 8.9.2005. The appeals relate to different assessment years, starting from 1994-95 to 1998-99. The appeals were admitted on different dates, by framing the common questions of law being:- "(i) Whether on the facts and circumstances of the case, the Tribunal was justified in adjudicating the validity of reasons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons have been framed, but in substance they comprehend the common question. The precise controversy is, that reasons were recorded for assuming certain income to have escaped assessment, however during re-assessment proceedings, that income was not found to have escaped assessment, but then on the basis of certain other material, certain other incomes were found to have escaped from assessment to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i Ram Singh, wherein the judgment of Punjab and Haryana High Court, in Atlas Cycle's case (CIT Vs. Atlas Cycle Industries reported in 180 ITR-319) was considered, and followed. Various aspects of language of Section 147 were examined in detail, and it was held as under:- "If considered on that principle, leaving apart for the moment, the aspect of interpretation of the word "and" as "or", the exi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding to his "reason to believe", had escaped assessment for any assessment year, did not escape assessment, then, the mere fact, that the Assessing Officer entertained a reason to believe, albeit even a genuine reason to believe, would not continue to vest him with the jurisdiction, to subject to tax, any other income, chargeable to tax, which the Assessing Officer may find to have escaped assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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