2016 (11) TMI 891

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....the Respondent : Siddharth Khare ORDER Heard Sri Shubham Agrawal, learned Counsel for the department and Sri Sidharth Khare, learned Counsel for the respondent-assessee. This is an appeal under Section 260-A of the Income Tax Act, 1961 against an order passed by the Tribunal dated 12.09.2008 for the assessment year 1996-97. The questions of law referred to are hereunder:- "(1) Wh....

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....s necessary for the assessment of that year. In the absence of any such recording of reason the Tribunal has rightly come to the conclusion that the terms of proviso to section 147 and the provisions of Section 148 were not satisfied and, therefore, the reassessment proceedings were not to be initiated. Learned Counsel for the department has fairly placed a decision of this Court in the case of....

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.... escapement had occurred by reason of omission or failure on the part of the assessee to disclose fully or truly all material facts necessary for the assessment. Both these conditions are conditions precedent and are required to be satisfied before the Assessing Officer could assume jurisdiction under Section 148 of the Act read with Section 147 of the Act. After 01.04.1989 only the first conditio....