TaxTMI 
TaxTMI 
2010 (12) TMI 716
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....2 in ITA No. 303/ CHANDI/2002 for the assessment year 1994-95 proposing to raise following substantial questions of law :- "(a) Whether the impugned order dated 31-3-2009 is legally sustainable as the same has upheld the wrong assumption of jurisdiction at the hands of the Assessing Authority under section 147/148 of the Act? (b) Whether the Tribunal has misdirected itself in law as well as on facts in remanding the case to the Assessing Officer instead of annulling the assessment? (c) Whether on account of the peculiar facts of the case the Tribunal order is vitiated by reason of not having taken into consideration the order passed in the case of Smt. Anju Jain one of the co-sharers along with the appellant whose assessmen....
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....ties from the above litigation rights. The claim was that in all 1600 gold ginnies were found from the box containing the movable properties in the above case and the share of the assessee was declared at 88 ginnies. The Assessing Officer found that Shri Sat Pal Grover, who was another co-purchaser of the litigation rights claimed that only 16 gold ginnies were found from the above box and in support of the same a Distribution Memo dated 13-11-1993 was produced by him. On account of this information and material the Assessing Officer observed that the assessee did not furnish the correct particulars of his income as the number of gold ginnies declared was overstated. The Assessing Officer formed a belief that the value of the overstated gol....
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....capement of income from assessment but not an established fact of escapement of income. The crucial aspect to be considered at the stage of initiation of notice under section 147/148 is as to whether there was relevant material on which a reasonable person could have formed the requisite belief. In other words, whether the material sought to be relief upon by the Assessing Officer at the stage of initiation would conclusively prove the escapement is not the concern at that stage. Considered in this light we find no justification to uphold the plea of the assessee on this aspect. The material available with the Assessing Officer at the stage of initiation was relevant, it came from the relevant person and was sufficient prima facie evidence ....