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TMI Blog1974 (1) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 148 of the Income-tax Act, 1961, for the assessment years 1964-65, 1965-66, 1966-67, 1967-68 and 1968-69. Of the notices, three were dated the 25th of March, 1969, and two dated the 1st of May, 1969. It is the case of the assessee that in respect of the said assessment years the assessee had filed its returns of income along with and supported by the audited profit and loss accounts, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vertently and/or erroneously allowed in the assessment years 1964-65 to 1968-69. The said machinery is not entitled to the higher rate of depreciation @ 10% but only at 7%. After the said assessments for the said years 1964-65 to 1968-69 were completed information came into my possession that the petitioner was in fact entitled to claim depreciation at 7% on the said blade making machinery. Furthe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s income liable to tax has escaped assessment prima facie within the meaning of section 147, Explanation 1(d), in consequence of information in my possession, (I have now ascertained that in the sister concern, M/s. Indo-Swing, C II/I-263/A, the assessee has all along claimed and has been allowed depreciation @ 7% only on identical machinery). Accordingly, I reopen the assessments for 64/65 to 66/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng several decisions in the case of Diamond Sugar Mills Ltd. v. Income-tax Officer, I held that in order to be " information " in terms of clause (b) of section 147 of the Act the following conditions require to be fulfilled : (a) it must be knowledge or instruction concerning facts or particulars, or as to law relating to a matter bearing on the assessment; (b) such knowledge or instruction must ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an opinion of an officer of co-ordinate authority on the basis of the facts of the case and that cannot be considered to be the information in terms of clause (b) of section 147 of the Income-tax Act, 1961. This is the ratio of the decision in the case of Reform Flour Mills (Private) Ltd. v. Commissioner of Income-tax, and we are in respectful agreement with the aforesaid view. In the premises w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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