1993 (2) TMI 34

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.... T. SHAH J.-The assessee and his wife had constructed a property in Kolhapur. During the course of assessment proceedings in the assessment year 1966-67, the Income-tax Officer ("the I. T. O."), worked out the unexplained investment in the said property at Rs. 1,37,964 even though he was aware that the construction of the property had started in the year 1961 and was completed in the year 1966. Ag....

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....nd 1965-66. It may be mentioned that, in the assessment proceedings for the assessment year 1965-66, the assessee had, vide his letter dated August 28, 1966, intimated to the Income-tax Officer regarding the cost of construction of the building in question along with the layout plan. The Income-tax Officer reopened the assessment for the assessment years 1964-65 and 1965-66 with a view to ma....

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....ts cannot be sustained even on the basis that the Income-tax Officer had taken action under section 147(b) of the Act inasmuch as the Tribunal has not given any finding or direction in this regard while passing its order for the assessment year 1966-67. In its order under reference, the Tribunal held that the assessment could not have been reopened under section 147(a) of the Act. Further, it held....

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....as made a tacit admission that the income for that year under consideration has not been disclosed by him for the respective years ? 2. Whether the Tribunal is right in holding that the proceedings initiated by the Income-tax Officer under section 147(a) cannot be sustained under section 147(b), when such action could validly be taken ? 3. Whether the Tribunal was justified in holding that t....