2021 (3) TMI 188

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....re substantial questions of law raised in this Appeal. "i) Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT is justified in quashing the assessment proceedings, holding that the AO had failed to record 'reasons to believe that the income has escaped assessment' within the meaning of Section 147 read with Section 148 of the Income Tax Act, 1961? ii) Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT is justified in quashing the assessment proceedings, even when the assessing officer on the basis of tangible material (information by investigation wing) had a reason to believe that the income had escaped assessment before reopening the assessment. iii) Whether in the facts and c....

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....the learned Counsel for the Parties. 6. As regards the question of law raised based on Rule 27 of the Income Tax (Appellate Tribunal) Rules, 1963. The learned Counsel for the Appellant-Revenue relying on the decision of the Division Bench of this Court in the case of Commissioner of Income-Tax-4 v. Jamnadas Virji Shares & Stock Brokers (P) Ltd. [2012] 21 taxmann.com 27 (Bom.) and submitted that it was not permissible for the Tribunal to entertain the additional ground of challenge regarding the legality of notice under Sections 147 and 148 of the Income Tax Act. The learned Counsel submitted that no specific challenge was raised and the Respondent-Assessee had submitted to the jurisdiction. 7. It is not possible to accept the submission m....