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2003 (7) TMI 17 - HC - Income TaxNotice for reassessment – reason for belief – income escaping assessment - Assessing Officer could have issued the notice if there was prima facie such material before him to hold that an agreement as contemplated by section 53A of the Transfer of Property Act had come into existence for the assessment year 1991-92. There was, prima facie, no material at all before the Assessing Officer. It is true that if there was material, this court ordinarily would not exercise jurisdiction. However, in the instant case there was no material for the Assessing Officer to have reason to believe that the agreement to sell had been entered into in the assessment year 1990-91, which had escaped assessment. - therefore, the entire exercise of jurisdiction by the Assessing Officer is without jurisdiction. Once that be the case, the notice issued will have to be quashed
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