TMI Blog1995 (4) TMI 55X X X X Extracts X X X X X X X X Extracts X X X X ..... UDGMENT The judgment of the court was delivered by RAJESH BALIA J. --This petition is directed against the initiation of the proceedings under section 147 of the Income-tax Act, 1961, by issuing notices under section 148 of the Income-tax Act, 1961 ("the Act", for short). For reopening the assessment of the assessment years 1980-81 to 1985-86, notices were issued on March 28, 1989. In response ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on has incorrectly been allowed in the original assessments for the assessment years 1980-81 to 1985-86, because it is presumed, on the basis of incorrect and incomplete information supplied by you to that effect, that the buildings under consideration were being used by you for your own business. I had reason to believe that, due to failure on your part to disclose fully and truly all material ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee is the information which came in his possession during the proceedings for the assessment year 1986-87 that the buildings in question were rented out and that no business had been carried on. No return has been filed. However, the Revenue has supported the order in question on the basis of the reasons disclosed by the concerned authority in his letter dated April 11, 1989, annexed to the pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... levant to the concerned assessment under the head "Business" income from licensing of trade mark "Ranjit" and letting out of the factory premises for business. Even in the order, it is noticed that the nature of the business of the assessee-firm is to exploit the trade mark and other related marks by assigning and/or licensing the same, permitting others to use the same on the stipulated terms and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the assessing authority has not come into possession of any information subsequent to the completion of the assessment which could give jurisdiction for initiation of such proceedings under section 147 of the Act. We are, therefore, of the opinion that the proceedings, having been initiated by the authority for the assessment years 1980-81 to 1985-86 without there being any existing condit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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