TaxTMI 
TaxTMI 
1979 (11) TMI 121
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....1972 stating that the colony was highly undeveloped and that gave a deserted look; it is situated in the flood affected area; around the house of the assessee no other house has been built up and the house of the assessee no other house has been built up and the house of the assessee looks like a farm house. The colony is yet to be taken over by the Corporation and that no civic amenities have yet been provided to the residents of the locality concerned. Considering these facts, the ITO accepted the ALV as declared by the assessee. Thereafter, the ITO initiated proceedings under s. 147 of the IT Act, 1961 and served a notice under s. 148 for the years under appeal. Common reasons to initiate the proceedings under s. 147 were recorded by the....
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....er s. 147(a) of the Act, 1961 were rightly initiated by the ITO. We have carefully gone through the reasons having been recorded by the ITO on 20th April, 1976. The material portion is contained in para 2 reproduced above. The argument of Shri Kapoor, the learned counsel for the assessee, is that all material facts had been disclosed by the assessee at the stage of the assessment and therefore, there was omission on failure on the part of the assessee within the meaning of s. 147(a) of the Act, 1961. Shri Kapoor, therefore, argues that proceedings could not be validly initiated under s. 147(a) of the Act, 1961. Under s. 147(a) proceedings can be initiated if the ITO has reason to believe that by reasons of the omission or failure on the par....
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....e on record, the Revenue urges, goes to show that re-assessment proceedings were initiated by the ITO only under s. 147 cl. (b). We are hearing the appeal against the order of the AAC who has clearly observed that the ITO initiated action against the assessee under s. 147(a). So the first question for consideration is whether the re-assessment proceedings could be legally initiated by the ITO under that provision. The Revenue's representative himself does not support the action of the ITO under s. 147(a). The other question for consideration is whether the ITO initiated re-assessment proceedings under s. 147(b) and the AAC wrongly observed that action was taken by the ITO under s. 147(a). In this connection para 2 of the reasons that were r....
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.... was made by Corporation, Delhi at Rs. 29,160. Different estimate based on the opinion of Corporation New Delhi is not "information" within the meaning of s. 147(b) according to Shri Kapoor. We think there is no need for us to go into the controversy whether the ALV estimated by Corporation, New Delhi constitutes "information" within the meaning of s. 147(b). The main question for consideration is whether from the reasons being recorded by the ITO on 20th April, 1976, can it be concluded that the action was taken by the ITO only under cl. (b) of s. 147. From the second paragraph of the reasons, as above reproduced, it is amply clear that the ITO bore in his mind the provisions of s. 147(a). That being so, we are of the view that the AAC rig....