TMI Blog1992 (7) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... is court under section 256(2) of the Income-tax Act, 1961 : "Whether, on the facts and in the circumstances of the case, the Tribunal misdirected itself in law in holding that the proceedings under section 147 of the Income-tax Act, 1961, had not been validly initiated ?" The facts as found by the Tribunal in this case are as under : The assessment year under reference is 1959-60. For this y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , C-Ward, District VI(1), Calcutta." The Tribunal, in this case, has clearly recorded the fact that the materials on the basis of which the Income-tax Officer, Survey Ward, District V(1), held Sri G. P. Lohia to be a benamidar of the assessee has not been brought on the record. The reasons as recorded by the Incometax Officer give an impression that the assessee failed to disclose to this Assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to have failed to disclose fully and truly all material facts necessary for his assessment for the relevant year. The assessee can disclose only such facts or materials as are in existence at the relevant time, and which are known to him. The finding of another Income-tax Officer in the case of the assessee's son recorded long after the making of the original assessment of the assessee could not h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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