TaxTMI 
TaxTMI 
2002 (3) TMI 231
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..... No. 70/Jp/1998 is the C.O. of assessee related to ITA No. 452/Jdpr/1998 being for asst. yr. 1990-91. 5. The assessee's appeal being ITA No. 2676/Jp/1994 and assessee's C.O. being 70/Jp/1998 have not been pressed by the learned authorised representative of assessee during arguments and so the same are dismissed accordingly. 6. Now it is only the Revenue's appeal being ITA No. 452/Jdpr/1998 which remains to be considered and decided on merits by us. 7. We have heard the arguments of both the sides and also perused the records 8. The Revenue has raised three grounds of appeal but they all constitute single issue disputing the learned CIT(A)'s finding that the initiation of proceedings under s. 148 was invalid and, in turn, quashi....
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....e. He has contended that the AO recorded two reasons for reopening and initiating the proceedings under s. 148 which were: (i) Depreciation wrongly claimed on A.C. (ii) Depreciation wrongly claimed on truck. As regards the first reasons, the learned authorised representative of assessee has contended that the A.C. was not purchased during previous year relevant to assessment year under consideration, and so the first reason recorded by AO is non-existent. Regarding the second reason, he has contended that the truck was purchased in February 1990, and the assessee's accounting year is financial year. It has been contended that the AO passing the earlier assessment order, himself admitted the purchase of truck and on that account due....
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....ire to one Shri Shama Singh for monthly hire charge of Rs. 5,000. He has contended that this entire transaction was detected by Shri Devendra Raj Singhvi and it was in his notice but he died due to murder before survey. It has been contended that he was a partner also and brother of other partner. It has been contended that during survey, the statement of Shri Anil Kumar was recorded wherein Anil Kumar stated the use of this truck and giving it on hire. The learned authorised representative of assessee, alternatively, has contended that even assuming AO's contention to be correct, then assessee's plea is regarding passive user of the truck. He has contended that when the truck is kept ready for use, then also the assessee is entitled to dep....
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....belief is not for the Court to judge, but it is open to an assessee to establish that there in fact existed no belief or that the belief was not a bona fide one or was based on vague, irrelevant and non-specific information. To that limited extent, the Court may look into the conclusion arrived at by the ITO and examine whether there was any material available on the record from which the requisite belief could be formed by the ITO and further whether the material had any rational connection with or alive link for the formation of the requisite belief." In CIT vs. Laxmi Debi Mehta (1993) 70 Taxman 399 (Cal), the Hon'ble Calcutta High Court has held that as first assessment had failed to result in a valid assessment due to lapse on the pa....