https://www.taxtmi.com/caselaws?id=60823 The appeal was fully allowed by the Tribunal. The invocation of Section 147(a) was deemed invalid as the Income Tax Officer (ITO) lacked substantial evidence for believing income had escaped assessment. The notices issued under Section 148 were considered non est in law due to the absence of a bona fide reason for believing income had escaped assessment. The return filed on 12-3-1979 was valid under Section 139(4). The ITO was directed to allow the carry forward of the determined loss of Rs. 22,27,449 along with depreciation, modifying the assessment to be treated under Section 143(3) only. en-us Wed, 16 Nov 1983 00:00:00 +0530 Sat, 08 Jan 2011 12:06:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60823 The appeal was fully allowed by the Tribunal. The invocation of Section 147(a) was deemed invalid as the Income Tax Officer (ITO) lacked substantial evidence for believing income had escaped assessment. The notices issued under Section 148 were considered non est in law due to the absence of a bona fide reason for believing income had escaped assessment. The return filed on 12-3-1979 was valid under Section 139(4). The ITO was directed to allow the carry forward of the determined loss of Rs. 22,27,449 along with depreciation, modifying the assessment to be treated under Section 143(3) only. Case-Laws Income Tax Wed, 16 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60823