TMI Blog2010 (12) TMI 716X X X X Extracts X X X X X X X X Extracts X X X X ..... eceived by Shri Sat Pal Grover(co-purchaser) - hold that having regard to the facts and material on record, the ingredients of section 147 are fulfilled in this case and the Assessing Officer was justified in initiating proceedings u/s 147 of the Act by issuance of notice u/s 148 of the Act - Thus, the appeals are dismissed. - IT APPEAL NOS. 584, 603, 605, 606, 618 AND 619 OF 2010 - - - Dated:- 13-12-2010 - ADARSH KUMAR GOEL AND AJAY KUMAR MITTAL, JJ. T.S. Dhindsa for the Appellant. ORDER Adarsh Kumar Goel, J. This order will dispose of ITA Nos. 584, 603, 605, 606, 618 and 619 of 2010, as all the six appeals arise from common order of the Tribunal. 2. ITA No. 618 of 2010 has been preferred by the assessee under sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he CIT(A) in the first round, remanded the matter but in the second round, upheld the addition. On further appeal of the assessee to the Tribunal, the matter has been remanded to the Assessing Officer on the ground that the assessee was not given due opportunity. 3. We have heard learned counsel for the appellant. 4. Contention raised on behalf of the assessee is that the reassessment itself was without jurisdiction being based on alleged memorandum dated 13-11-1993 which was never signed by the assessee. 5. We are unable to accept the submission. The Tribunal considered this aspect and held as under : "12. A perusal of the above reveals that the Assessing Officer noted that the assessee had purchased rights in the litigation in RS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elled as bereft of any reason or ground. The plea of the assessee that there are no reasons to form a belief for escapement of income from assessment, is untenable. The other argument of the assessee that the material sought to be relied upon to form a belief of escapement of income from assessment is not established to the credible, in our view, also does not impinge on the action of the Assessing Officer in invoking section 147 of the Act. The ultimate establishment of the fact of escapement of income is not required to be made at the time of formation of belief to initiate proceedings under section 147 of the Act. As explained by the Hon'ble Supreme Court in the cases of Rajesh Jhaveri Stock Brokers (P.) Ltd. (supra) and Raymond Woollen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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