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2017 (4) TMI 620 - HC - Income TaxReopening of assessment - reasons to believe - Held that:- From perusal of the notice, it is apparent that the reason to believe that the income chargeable to tax has escaped assessment, is not mere suspicion but is based on good faith. The Assessing Officer has given complete details of the documents which were not taken into consideration earlier. The documents referred in the notice are also sufficient to show the direct nexus between the information in possession and conclusion withdrawn by the Assessing Officer. The Assessing Officer though was not having fresh material for the purpose of formation to believe that the income of any particular assessment year has escaped assessment, but with all bonafides he noticed that certain documents escaped consideration and that resulted into escape of income chargeable to tax. Learned Single Bench in detail has considered the entire law relating to pre-conditions for reassessment under Section 147/148 of the Act of 1961, but in our considered opinion has not looked into the notices under Section 148 of the Act of 1961 so minutely. Paras 3, 4, 5, 6, 7, 8 and 9 of the notice in specific terms indicate the material to arrive at a conclusion to have bonafide belief that a huge part of income which may be chargeable to tax was escaped. Looking to the document aforesaid we are of considered opinion that the Assessing Officer had adequate reason to believe to issue notice under Section 148 of the Act of 1961. Learned Single Bench failed to appreciate the notice concerned in light of the scope and spirit of the pre- conditions for issuing a notice under Section 148 of the Act of 1961. The appeals, thus, deserves acceptance, hence, are allowed n favour of revenue
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