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Ge Nuovo Pignone S.P.A (Now Known As ... vs Commissioner Of Income Tax ... on 19 September, 2024 cites

Income-Tax Officer, 'G' Ward And Ors. vs Selected Dalurband Coal Co. P. Ltd. on 24 December, 1976

"16. Section 147 authorises and permits the Assessing Officer to assess or reassess income chargeable to tax if he has reason to believe that income for any assessment year has escaped assessment. The word "reason" in the phrase "reason to believe' would mean cause or justification. If the Assessing Officer has cause or justification to know or suppose that income had escaped assessment) it can be said to have reason to believe that an income had escaped assessment. The expression cannot be read to mean that the Assessing Officer should have finally ascertained the fact by legal evidence or conclusion. The function of the Assessing Officer is to administer the statute with solicitude for the public exchequer with an inbuilt idea of fairness to taxpayers.................... ........ .............. At that stage) the final outcome of the proceeding is not relevant. In other wo.rds) at the initiation stage) what is required is "reason to believe") but not the established fact of escapement of income. At the stage of issue of notice the only question is whether there was relevant material on which a reasonable person could have formed a requisite belief Whether Signature Not Verified Digitally Signed ITA 491/2019 & W.P.(C) 6494/2019 Page 21 of 32 By:KAMLESH KUMAR Signing Date:04.10.2024 17:36:15 the materials would conclusively prove the escapement is not the concern at that stage. This is so because the formation of belief by the Assessing Officer is within the realm of subjective satisfaction ITO v. Selected Dalurband Coal Co. (P.)
Calcutta High Court Cites 31 - Cited by 189 - Full Document
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