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2005 (3) TMI 84 - HC - Income TaxIncome escaping assessment – notice u/s 148 - order of provisional attachment under section 281B of the Act pending proceedings of the reassessment notices - before such action of reopening the assessment is taken, requirement of law such as the live link or close nexus between the material coming to the notice of the Income-tax Officer and the formation of his belief that there has been escapement of the income of the assessee should be satisfied - Otherwise, the power conferred under section 147 would amount to arbitrary and unreasonable exercise. Hence, while making it clear that the authorities do have the power to reopen the assessment under section 147, the materials relied on for such purpose should not be vague but should be definite, specific, relevant and reliable – Held htat notice u/s 148 and proceedings of provisional attachment u/s 281B are quashed
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