TMI Blog2014 (10) TMI 6X X X X Extracts X X X X X X X X Extracts X X X X ..... belief, the conclusion would be inescapable that the Income Tax Officer could not have reason to believe that any part of the income of the assessee had escaped assessment and such escapement was by reason of the omission or failure on the part of the assessee to disclose fully and truly all material facts and the notice issued by him would be liable to he struck down as invalid - the Tribunal was justified in holding that the initiation of proceedings u/s 148 was barred by limitation – Decided against revenue. - Income Tax Appeal No. - 215 of 2011, Income Tax Appeal No. - 365 of 2012 - - - Dated:- 23-9-2014 - Hon'ble Tarun Agarwala And Hon'ble Dr. Satish Chandra,JJ. For the Appellant : Shambhu Chopra (S.C.) For the R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this Court that two distinct conditions must be satisfied before the Income Tax Officer can assume jurisdiction to issue notice under section 147 (a). First, he must have reason to believe that the income of the assessee has escaped assessment and secondly, he must have reason to believe that such escapement is by reason of the omission or failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment. If either of these conditions is not fulfilled, the notice issued by the Income Tax Officer would be without jurisdiction. The important words under section 147 (a) are has reason to believe and these words are stronger than the words is satisfied . The belief entertained by the Income Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... subsequently, he has reasons which he must record, to believe that by reason of omission or failure on the part of the assessee to make a true ana full disclosure of all material facts necessary for his assessment during the concluded assessment proceedings, any part of his income, profit or gains chargeable to income tax has escaped assessment. He may start reassessment proceedings either because some fresh facts come to light which where not previously disclosed or some information with regard to the facts previously disclosed comes into his possession which tends to expose the untruthfulness of those facts. In such situations, it is not a case of mere change of opinion or the drawing of a different inference from the same facts as were e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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