2007 (2) TMI 659

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.... law has been referred for the opinion of this Court by the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar arising out of the order dated 30-6-1989 passed by it in ITA No. 375 ASR of 1987 in respect of the assessment year 1967-68: "Whether the Tribunal was legally right in holding that reassessment proceedings under section 147(a) of the Act were invalid because in the consequent....

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....assessee which had been deposited with one Shri Daulat Singh. According to the Assessing Officer, the assessee had deposited the aforementioned amount with one Daulat Singh which is shown from the material recovered from his (Daulat Singh) premises. The Appellate Assistant Commissioner while passing order under section 250(6) of the Act categorically held that the reasons recorded for re-opening a....

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....out the unaccounted deposit of Rs. 42,800 allegedly kept by the appellant with Shri Daulat Singh. It is not known as to how it struck the ITO after the notice under section 148 had been issued that the amount of Rs. 42,800 was also required to be added to the income of the appellant. Interestingly enough, no addition on account of the appellant's share in the unaccounted income of the said company....

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....Supreme Court in the case of CIT v. Sun Engg. Works (P.) Ltd. [1992] 198 ITR 2971. The view of the Hon'ble Supreme Court emerges from the following observations: ".... in proceedings under section 147 of the Act, the Income-tax Officer may bring to charge items of income which had escaped assessment other than or in addition to that item or items which have led to the issuance of the noti....