TMI Blog1992 (1) TMI 49X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Officer, Company Circle, New Delhi, under section 148 of the Income-tax Act, 1961. The relevant assessment year is 1974-75. Through the said notice, the petitioner was informed that the Income-tax Officer has reasons to believe that some income has escaped assessment within the meaning of section 147 of the Income-tax Act, 1961. After receipt of the said notice, the petitioner informed the auth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 36(1)(iv) and (1)(v), the assessee is entitled to deduction of the amounts only if they fall under the said two sub-clauses and if there is any contribution to non-recognised provident fund or a non-approved gratuity fund and if there is any provision with respect to the same, the deduction cannot be granted under section 37 of the Act. This information came to my predecessor after the pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nformation as regards the interpretation of the newly added section 40A(7) and, therefore, allowed the deduction. The submission of the petitioner is that information regarding the interpretation of a legal provision by the Revenue audit is not information within the meaning of section 147(b) of the Act. Even otherwise, the Revenue cannot take advantage of such information unless the officer issui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ermine for himself what is the effect and consequence of the law mentioned in the audit note and whether in consequence of the law which has now come to his notice, he can reasonably believe that income has escaped assessment". Thus, in the present case, there was no information as required by law before the authorities nor the condition precedent before issuing notices under section 148 has been ..... X X X X Extracts X X X X X X X X Extracts X X X X
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