1984 (8) TMI 34

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.... the assessment of the assessee for assessment year 1969-70 was pending, the Customs authorities carried out a search of his residence and seized 98 gold bars and some currency notes. Information in this regard was passed on to the ITO concerned. The Income-tax Appellate Tribunal found that the correspondence between the ITO and the Directorate of Inspection showed that the assessee had stated bef....

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....inal assessment without any addition to the income. The Tribunal allowed the assessee's appeal and declined to refer the following questions : " (a) Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in cancelling the reassessment under section 147(a) of the Income-tax Act, 1961, on the ground that the Income-tax Officer had no reason to believe that any i....