9911796707
TMI Blog2017 (2) TMI 119X X X X Extracts X X X X X X X X Extracts X X X X ..... ferred to as "Tribunal") in Income Tax Appeal No. 1255/Luc/2006 (Assessment Year 1999-2000) and Income Tax Appeal No. 1256/Luc/2006 (Assessment Year 2002-03) respectively, but for the purpose of facts, we are referring to Income Tax Appeal No. 72 of 2007 which was admitted on following substantial questions of law "Whether in the facts and circumstances of the case, Tribunal was justified in upholding the validity of notice under Section 147/148 of Income Tax Act, during the year under consideration?" 3. It is submitted that a notice was issued in respect of certain amount claimed to have been invested by Assessee. It appears that Assessing Officer stated that it has come to his knowledge that Assessee purchased Bus Chassis of Tata make ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the part of the assessee to disclose fully and truly all material facts necessary for the assessment. Both these conditions must co-exist in order to confer jurisdiction on the Income Tax Officer. The Income Tax Officer is obliged, before initiating proceedings under Section 148 of the Act to record the reasons for the formation of his belief to reopen the assessment." (emphasis added) 6. Court further said that, an Income Tax Officer confers with jurisdiction to re-open assessment under Section 147 (a) read with Section 148 of Act, 1961 only, if, on the basis of specific, reliable and relevant information, coming to his possession subsequently, he has reasons which he must record, to believe, that by reason of omission or failure on th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that a mere change of opinion while perusing the same material, cannot be a "reason to believe" that a case of escaped assessment exists requiring assessment proceedings to be reopened. 8. Thus, the law is well settled that for change of opinion notice under Section 148 cannot be issued but if there is a substantial ground prima facie showing that there is some escapement of income, Assessing Officer is well within its right to issue notice under Section 148. In the present case, it is not an investment, which is sought to be enquired or made basis for reopening of assessment but the source of money since it was not disclosed and did not form part of record on the basis whereof assessment was made, hence a new material, and show that the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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