2006 (2) TMI 154

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....ench, Jodhpur, dated September 15, 2004. The following two questions are suggested as substantial questions of law for consideration in this appeal: "I. Whether, on the facts and in the circumstances of the case, the learned Income-tax Appellate Tribunal has erred in law in holding that the reassessment proceedings were bad in law and based on the change of opinion, ignoring the fact that the p....

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.... On appeal, the Commissioner (Appeals) vide his order dated September 21, 1988, upheld the objection of the assessee that the initiation of proceedings under section 148 was without jurisdiction and the proceedings were quashed. The said order was affirmed by the Tribunal by the order under appeal. When the matter came up for hearing on December 2, 2005, this court directed learned counsel f....

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....d unexplained investment to be estimated accordingly. As per the information available on record, the unexplained investment may be estimated at Rs. 5 lakhs. Hence the total income escaped to investment is (5 + 1.69 lakhs) Rs. 6.69 lakhs. Since an income chargeable to tax to Rs. 6.69 lakhs, for the assessment year 1989-90 has escaped assessment within the meaning of Explanation 2(a) of section ....