2006 (7) TMI 156

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....d by the Income-tax Appellate Tribunal, Delhi Bench "F", for the assessment year 1995-96 arising out of I.T.A. No. 93/Del./2002. The only question that has arisen in this case is whether the Assessing Officer recorded reasons for issuance of a notice for initiation of reassessment proceedings. The "reasons" recorded by the Assessing Officer are quoted in the order of the Tribunal and are as ....

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.... in respect of an application moved by the assessee for the assessment years 1989-90 to 1994-95. The assessment year that we are concerned with is 1995-96. This was not the subject-matter of any application before the Settlement Commission. The application was moved by the assessee in respect of the assessment years other than 1995-96, while the Assessing Officer sought to initiate reassessment....

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....rt observed as follows: "... If there is no rational and intelligible nexus between the reasons and the belief, so that, on such reasons, no one properly instructed on facts and law could reasonably entertain the belief, the conclusion would be inescapable that the Income-tax Officer could not have reason to believe that any part of the income of the assessee had escaped assessment and such esc....