9911796707
TMI Blog1973 (3) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... the Indian Partnership Act. The petitioner is also registered under the provisions of the Income-tax Act. The partners of the petitioner are Biswanath Samanta, Tarapada Daw and Prasanta Samanta. For the assessment year 1960-61 the Income-tax Officer, A-Ward, Special Survey Circle II, Calcutta, completed the assessment of the petitioner under section 23(3)/23(5)(a) of the Indian Income-tax Act, 1922. The petitioner, it is stated, at the time of the said assessment furnished to the assessing Income-tax Officer all challans and particulars relating to all primary and relevant facts that were necessary to be ascertained for the purpose of assessing the income of the petitioner for the said assessment year. On March 24, 1969, the petitioner rec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,25,000 ----------------- Thus it is seen that at the time of the original assessment, the assessee failed to disclose its income from other sources representing unaccounted money introduced in the shape of bogus loans." In short, the deponent in the aforesaid affidavit has disclosed the following reasons for the issue of the said notice under section 148 of the new Act : (1) At the time of the original assessment the assessee's hundi loan transactions with various parties were accepted as genuine without detailed enquiry ; (2) During the course of subsequent years' assessment proceedings it was found on investigation that the assessee's hundi loan transactions with the parties mentioned in paragraph 3 of the said supplementary affidav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ange of opinion and not discovery of any new material. In the premises, I have to hold that the conditions precedent to the issue of the notice under section 148 of the new Act, namely, that the Income-tax Officer had reason to believe that income, profits or gains chargeable to income-tax of the assessee had been under-assessed and such under-assessment had occurred by reason of omission or failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessment of his income for that year had not been satisfied. In the premises, the Income-tax Officer wrongfully usurped jurisdiction in issuing notice under section 148 of the new Act. The impugned notices cannot, therefore, be sustained. The applicati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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