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2005 (3) TMI 55 - GUJARAT HIGH COURTNotice u/s 148 – income escaping escapement - despite recording of reasons the respondent has sustained his objection to the proposal made by the Audit Department and the objection raised by the respondent has been endorsed by the Additional Commissioner of Income-tax. Therefore, it is abundantly clear that the respondent did not hold the belief at any point of time, either before or after recording reasons, that income of the assessee has escaped assessment on account of erroneous computation of loss and it is required to be held that the exercise of recording reasons on the file is a mere pretence to give validity to the exercise of power for assuming jurisdiction. In other words, it was a colourable exercise of jurisdiction and cannot be sustained in law - In the result, the impugned notice issued under section 148 of the Act is quashed and set aside
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