2017 (3) TMI 38

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....for the Petitioner Mr. N. C. Mohanty for the Respondents ORDER P. C. 1. Heard. Rule. 2. Respondents waive service. 3. This petition under Article 226 of the Constitution of India challenges the order dated 24th February, 2016 passed by the Income Tax Appellate Tribunal (Tribunal) under Section 148 of the Income Tax Act, 1961 (the Act) seeking to reopen the assessment for Assessme....

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....ns recorded also indicates the PAN of SSDI. The reasons further state that the share premium charged is unbelievably high and thus the genuineness of the transaction is not proved. It is pertinent to note that the reasons do not indicate any amount according to the Assessing Officer which has escaped assessment. 5. We note that the communication dated 10th February, 2014 from the office of the ....

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....to tax has escaped assessment (see Asst. CIT v/s. Rajesh Jhaveri Stock Brokers (P)Ltd. 291 ITR 500). The reason to believe has to be arrived at after applying one's mind to the material available and to reach a prima facie view that income chargeable to tax has escaped assessment. Mere receipt of information from any source would not by itself tantamount to reason to believe that income charge....