TMI Blog2006 (11) TMI 711X X X X Extracts X X X X X X X X Extracts X X X X ..... GMENT Following question of law has been referred for the opinion of this Court by the Income Tax Appellate Tribunal, Chandigarh Bench, Chandigarh, arising out of its order dated 18.7.1995 in ITA No.438/Chandi/90, for the assessment year 1987-88:- Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that section 147 (b) was not applicable, inasmuch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Tribunal upheld the plea of the assessee following judgment of the Hon'ble Supreme Court in Indian and Eastern Newspaper Society v. CIT, New Delhi, (1979) 119 ITR 996 (SC), judgment of Bombay High Court in Air India v. V.K. Srivastava, CIT and others, (1995) 213 ITR 739 and judgment of Gujarat High Court in Hotel Appolo v. P.S. Rashtrapal, Income Tax Officer, (1995) 213 ITR 762. It was held ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d relevant information coming to his possession subsequently, he has reasons, which he must record, to believe that, by a reason of omission or failure on the part of the assessee to make a true and full disclosure of all material facts necessary for each assessment during the concluded assessment proceedings, any part of its income, profits or gains chargeable to income tax had escaped assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... facts disclosed by the assessee being in possession of the Assessing Officer. Mere change of opinion or drawing of a different inference from the same facts as were earlier available, could not be a ground for re-assessment. For the above reasons, the question referred is answered against the revenue and in favour of the assessee. Reference is disposed of accordingly. - - TaxTMI - TMITa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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