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1999 (2) TMI 20

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..... as "the Act"), for the assessment years 1989-90, 1990-91, 1991-92 and 1992-93, respectively. The original assessments for all the years were duly completed under section 143(3) of the Act in which the assessee had shown substantial amounts of income as agricultural income from land taken on lease. In addition, the assessee had shown a large number of loans from various persons. These were accepted .....

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..... ti, learned counsel for the petitioner, and Sri A. N. Mahajan, learned standing counsel for the respondent. Reliance is placed on a judgment of the Patna High Court in Dhanaraj Singh and Co. v. CIT [1996] 218 ITR 312, in which it was held that where loans were received by account payee cheques and have been accepted in the original assessment the case cannot be reopened under section 148 of the .....

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..... d reliable in character relating to the concluded assessment which goes to expose the falsity of the loan and the statement made by the assessee at the time of the original assessment is different from drawing I fresh inference. The Supreme Court held that on such facts the Income-tax Officer had jurisdiction to reopen the concluded assessment. As regards the question of the sanction of the Comm .....

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