1992 (1) TMI 29

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....so mentioned that the petitioner was 88 years old and will not be able to stand protracted investigation. Under these circumstances, I decide to rehear the matter. A point has been raised that there was no information in the possession of the Income-tax Officer to issue a notice under section 148. I asked the Department to produce the records and satisfy me that the Income-tax Officer had come in....

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....uspects that since the assessee has disclosed that certain fixed deposits were made by the assessee in the benami names of certain other persons, any fixed deposit standing in names of those persons must belong to the assessee. This, at best, is a case of surmise or conjecture. But no material or information has come into the possession of the Income-tax Officer after the completion of the assessm....