2002 (7) TMI 243

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....3. 2. We have heard the arguments of both the sides and also perused the records. 3. The Revenue has raised the sole ground disputing the Dy. CIT(A)'s order in cancelling the assessment made under s. 147. The learned Departmental Representative of Revenue has contended that though the income assessed in reassessment was less than Rs. 50,000, but that will not make the information with AO to ....

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....d not on belief. He has relied on his written submission and following citations: (a) ITO vs. Smt. Chakka Bai (1985) 23 TTJ (Jp) 334 : (1986) 15 ITD 328 (Jp); (b) Rashes Commission Corpn. vs. Asstt. CIT (2001) 70 TTJ (Mum) 654; (c) ITO vs. Lakhmani Mewal Das 1976 CTR (SC) 220 : (1976) 103 ITR 437 (SC); (d) Indian Oil Corpn. vs. ITO (1986) 58 CTR (SC) 83 : (1986) 159 ITR 956 (SC); (e....

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....s been contended that these additions have been made by AO estimating the income/expenditure on conjectures and surmises and by making hypothetical calculations, without there being any material. 4. In rejoinder, the learned Departmental Representative of Revenue has contended that supplying of reasons to assessee is not essential. 5. We have considered the rival contentions, the relevant ma....

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....148 for reassessment. In the Tribunal's order dt. 31st Aug., 2000, rendered in ITA Nos. 1022 to 1026/Jp/93 in the case of Mahesh Kumar Pandya, it has been held that there must be some material/evidence on record to induce AO to entertain belief as such of escapement of income as distinguished and mere 'suspicion' for the same. It has been held therein that when the information, to constitute reaso....