2006 (7) TMI 172

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....or the assessee, and Mrs. Mona M. Bhatt, learned counsel for the Revenue, are heard. At the instance of the assessee, the Tribunal has referred the following questions to this court for our opinion: "1. Whether, on facts and in law, the Tribunal was justified in upholding the action under section 147(a) of the Income-tax Act, 1961? 2. Whether, on facts and in law, the Tribunal was right i....

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....06] 280 ITR 512. After going through the facts of the said case, we must immediately say that the facts of the said case were totally different. In the present case, the Assessing Officer when making a fact finding inquiry, examined some of the creditors and after a thorough cross-examination, he was successful in obtaining the information from the witness that the witness, in fact, had no mone....

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....) and the Tribunal into the genuineness of the transaction, call for any interference. So far as the first question is concerned, learned counsel for the assessee submitted that before issuing a notice under section. 147(a) of the Income-tax Act, the Assessing Officer must be sure of the grounds available to him and he cannot be allowed to make a fishing inquiry. His submission is that simultan....