https://www.taxtmi.com/caselaws?id=67561 The tribunal upheld the order of the Commissioner (Appeals) and dismissed the departmental appeals regarding the interpretation of section 149(1)(a)(ii) of the Income-tax Act, 1961. It emphasized that for a valid notice under section 147(a), the Income Tax Officer (ITO) must have a belief that the income likely to exceed Rs. 50,000 has escaped assessment at the time of issuing the notice. The tribunal clarified that both conditions must be satisfied: the income must have escaped assessment, and the amount should be Rs. 50,000 or more, at the initiation of the notice. en-us Mon, 26 Aug 1985 00:00:00 +0530 Fri, 11 Mar 2011 12:53:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67561 The tribunal upheld the order of the Commissioner (Appeals) and dismissed the departmental appeals regarding the interpretation of section 149(1)(a)(ii) of the Income-tax Act, 1961. It emphasized that for a valid notice under section 147(a), the Income Tax Officer (ITO) must have a belief that the income likely to exceed Rs. 50,000 has escaped assessment at the time of issuing the notice. The tribunal clarified that both conditions must be satisfied: the income must have escaped assessment, and the amount should be Rs. 50,000 or more, at the initiation of the notice. Case-Laws Income Tax Mon, 26 Aug 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67561