TMI Blog1980 (7) TMI 34X X X X Extracts X X X X X X X X Extracts X X X X ..... Indore Bench, has referred the following questions of law to this court for its opinion: "1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding the proceedings started u/s. 147(b) as invalid and the assessment framed as illegal in view of the infirmity that the ITO failed to record reasons for reopening the assessment and justified in quashin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ITO, overruling the objections of the assessee about the validity of reassessment proceedings, completed reassessment on l2th January, 1967, after including a sum of Rs. 45,000 which was paid by the assessee as compensation to M/s. Natwarlal Shamaldas Co., Bombay, for a breach of contract. The assessee preferred appear before the AAC, which Was dismissed On further appeal before the Tribunal, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rovisions of section 148 of the Act, which are as follows: 148. Issue of notice where income has escaped assessment.-(1) Before making the assessment, reassessment or recomputation under section 147, the Income-tax Officer shall serve on the assessee a notice containing all or any of the requirements which may be included in a notice under subsection (2) of section 139 ; and the provisions of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to point out that the view taken by the Tribunal was not justified in the circumstance of the case. Our answer to the first question referred to this court is in, the affirmative and against the department. As regards the second question referred to this court, learned counsel for the parties conceded that it our answer to the first question was in the affirmative and against the department, it ..... X X X X Extracts X X X X X X X X Extracts X X X X
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