TMI Blog2017 (2) TMI 119X X X X Extracts X X X X X X X X Extracts X X X X ..... fore, notice issued under Section 148 cannot be said to be illegal or without jurisdiction. The argument advanced otherwise is invalid and rejected. In the facts and circumstances of the case in hand, we do not find any illegality in issuing notice by Assessing Office under Section 147/148 of Act, 1961 and the notice issued is just and valid. - Decided in favour of Revenue and against Assessee. - Income Tax Appeal No. 72-73 of 2007 - - - Dated:- 17-1-2017 - Hon'ble Sudhir Agarwal And Hon'ble Ravindra Nath Mishra-II, JJ. For the Appellant : P. Agarwal For the Respondent : D.D. Chopra, Mr. Sidharth Dhaon ORDER 1. Heard Sri P. Agrawal, Advocate, for appellant and Sri Sidharth Dhaon, Advocate, for respondent. 2. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erefore, it was a case of escapement of income. On this aspect, it is not in dispute that the aforesaid sources and investments were not disclosed in the regular return filed by Assessee. 5. In Phool Chand Bajrang Lal And Anr. vs Income-Tax Officer, (1993) 4 SCC 77, referring to Section 147 and 148, Court said as under: From the plain phraseology of the above Sections of the Act, it appears that two conditions precedent which are required to be satisfied before an Income Tax Officer can acquire jurisdiction to proceed under Clause (a) of Section 147 read with Sections 148 and 149 of the Act, beyond the period of four years but within a period of eight years, from the end of the relevant year, are: (a) that the Income Tax Officer mus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 earlier available but acting on fresh information. 7. In State of Uttar Pradesh and others Vs M/s Aryaverth Chawal Udyog Others, 2016 (91) VST 1 (SC), Court after referring its earlier authorities, said that consistently it has been held that, such material on which Assessing Authority bases its opinion must not be arbitrary, irrational, vague, distant or irrelevant. It must bring home the appropriate rationale of action taken by Assessing Authority in pursuance of such belief. In case of absence of such material, Court in clear terms has held that the action taken by Assessi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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