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1 - 8 of 8 (0.33 seconds)Section 148 in The Income Tax Act, 1961 [Entire Act]
Ganga Saran And Sons Pvt. Ltd. Calcutta vs Income Tax Officer & Ors on 23 April, 1981
8. The AO, who is a quasi judicial authority is empowered to reopen the
completed assessment only in a given case wherein there is reason to believe
escapement of chargeable income to tax which is the jurisdictional fact & law and sine
qua non to assume jurisdiction to reopen a completed assessment. It must be kept in
mind that 'reasons to believe' postulates foundation based on information and belief
based on reason. Even if there is foundation based on information there must be some
reason warrant holding the belief that income chargeable to tax has escaped
assessment. It has to be kept in mind that the Hon'ble Supreme Court in Ganga Saran
& Sons P. Ltd. Vs. ITO (1981) 130 ITR 1 (SC) held that the expression "reason to
believe" occurring in sec. 147 "is stronger" than the expression "if satisfied" and such
requirement has to be met by the AO in the reasons recorded before usurping the
jurisdiction u/s. 147 of the Act. It must also be kept in mind that information adverse
against the assessee may trigger "reason to suspect" then the AO is duty bound to
make reasonable enquiry to collect material which would make him belief that there is
in fact an escapement of income.
Section 131 in The Income Tax Act, 1961 [Entire Act]
Section 68 in The Income Tax Act, 1961 [Entire Act]
Section 151 in The Income Tax Act, 1961 [Entire Act]
Section 263 in The Income Tax Act, 1961 [Entire Act]
The Advocates Act, 1961
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