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TMI Blog2022 (12) TMI 1219X X X X Extracts X X X X X X X X Extracts X X X X ..... essing Officer (AO) received information from DDIT(Inv) Unit II(1), Pune indicating that the assessee held an account with HSBC, Bund Garden Road, Pune branch jointly with his wife, in which deposits of Rs.33.31 lacs and withdrawals of Rs.53.14 lacs were made. On the basis of above information, the AO recorded reasons and issued notice u/s 148 of the Income-tax Act, 1961 (hereinafter referred to as "the Act‟) requiring the assessee to furnish return. The assessee replied to the AO submitting that his original return may be taken as a return in response to the notice u/s 148. Thereafter, the assessment was completed determining the total income at Rs.5,31,500. The assessee remained unsuccessful before the ld. CIT(A) - both on legal iss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and A.Y. 2009-10 was examined and the findings are as under : A.Y. 2008-09 A.Y. 2009-10 Deposits in Rs. Withdrawals in Rs. Deposits in Rs. Withdrawals in Rs. Cash Cheque Cash Cheque Cash Cheque Cash Cheque 22,00,89 4 1,04,96,08 1 50,94,65 0 67,61,57 2 19,94,965 64,12,28 1 20,96,00 0 54,88,83 0 2. It is verified from the ITD application that the Shri Lalchand Jagwani has furnished the return of income for the A.Y. 2008-09 declaring total income of Rs.3,32,500/- only. In the return, he has shown the income of Rs.4,90,000 under the head House Property only and claimed deduction of Rs.1,00,000/- under Ch.VIA of the I.T. Act, 1961. In the return furnished by him for A.Y. 2009-10, he has declared total income of Rs.11,57 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 147 of the Act, dealing with the reassessment, opens with the words "If any income chargeable to tax, in the case of an assessee, has escaped assessment for any assessment year, the Assessing Officer may, subject to the provisions of sections 148 to 153, assess or reassess such income ....". It is ostensible that the action u/s 147 can be taken when the AO has formed reasons to believe that some income chargeable to tax has escaped assessment. Ex consequenti, belief of the AO about any income escaping assessment is sine qua non for initiating re-assessment. No jurisdiction can be assumed for framing assessment u/s 147 of the Act absent such reasons to believe about the escapement of income. 7. On going through the reasons, as reproduced ..... X X X X Extracts X X X X X X X X Extracts X X X X
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