2007 (7) TMI 259

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..... JUDGMENT The judgment of the court was delivered by AJAY KUMAR MITTAL J.— In this reference, the Income-tax Appellate Tribunal, Chandigarh Bench, Chandigarh (for short "the Tribunal"), has referred the following question of law under section 256(1) of the Income-tax Act, 1961 (for short "the Act"), for the assessment year 1987-88: "Whether, on the facts and in the circumstances of ....

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.... appeal raising a plea that the action under section 147(b) of the Act was not valid as there was no information with the Assessing Officer to invoke that section. It was further pleaded that the claim had been allowed after considering the assessees claim at the time of making the original assessment. Since there was no further material available with the Assessing Officer, the action under secti....

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....is no reference to the audit objection or inspection note therein. Learned counsel further submitted that under clause (c) of Explanation 1 to section 147 of the Act where an excessive relief has been given to an assessee, the same can be withdrawn by resorting to section 147(b) of the Act. 4. No one has appeared on behalf of the assessee to oppose the reference made by the Tribunal. 5. We h....

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....Officer has in consequence of information in his possession reason to believe that income chargeable to tax has escaped assessment for any assessment year, he may, subject to the provisions of sections 148 to 153, assess or reassess such income or recompute the loss or the depreciation allowance, as the case may be, for the assessment year concerned (hereafter in sections 148 to 153 referred to....