9911796707
TMI Blog2023 (11) TMI 1232X X X X Extracts X X X X X X X X Extracts X X X X ..... itioner is impugning a notice dated 31st March 2021 issued under Section 148 of the Income Tax Act, 1961 ("the Act") for Assessment Year 2015-16 on the ground that the reason to believe does not indicate any escapement of income. According to Petitioner, it is nothing but a fishing inquiry that the Assessing Officer ("AO") wants to make which does not entitle him to reopen assessment. 2. The reas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he meaning of Section 147 of the Act." 3. The agreement referred therein is dated 9th May 2013 which pertains to Assessment year 2014-15 and certainly that cannot be a basis for escapement of income for AY 2015-16. When this was brought to the notice of the AO, the AO, while disposing Petitioner's objections vide an order dated 31st December 2021, states that the assessee might have entered into ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt. The reasons must be founded on the satisfaction of the AO that income chargable to tax has escaped assessment. Once that is not to be found, then the impugned notice cannot be sustained. The Court said, "what is found is that there are no reasons to believe but, only reasons to suspect. Hence, reopening of assessment is not satisfactory." Paragraph 8 of the said judgment reads as under: "8. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e and also any other income chargeable to tax which has escaped assessment." In the case at hand, the AO does not say that any income chargeable to tax has escaped assessment. All that the AO desires is 'examination of certain details pertaining to the amount paid by Petitioner to Crown'. That cannot be stated to be founded on the belief that any income which is chargeable to tax has escaped as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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