Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (2004)84TT(JP.)at761
..... because there were irregularities in the actual weighment of the seized stock. he emphasised that the assessment was made under section 158bc under chapter xiv-b of the it act in which there was no scope of any addition on conjecture and surmises. any addition on account of undisclosed income should be made on the basis of the ..... done. according to it (assessee-company) apart from the iron materials which were kept under the deemed seizure in view of proviso to section 132(1) of the it act, the current stocks were also weighed and to this regard an objection was recorded in the panchnama. the ao, however, did not accept the objection of the assessee-company ..... was of the view that the authorised representative by claiming that the assessee had tampered with the stock under deemed seizure, had made the assessee liable to prosecution under the it act.6. on careful consideration of the facts of this case, we would like to quote from the panchnama dt. 4th dec., 1997 (i.e., the date when .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (2004)91ITD198(Pat.)
..... -tax department through the chief commissioner of income-tax, bihar, to initiate such action as may be considered fit, necessary and expedient under the income-tax act, wealth-tax act, etc. against persons whom he reasonably thinks to be involved in the 'scam' and possess unaccountable wealth and property, and take the proceedings their logical ..... necessarily result into reassessment. the material sufficient for formation of the belief need not be sufficient for making the assessment/reassessment. the a.o. should not act arbitrarily, nor should he pretend of having a reasonable belief for reopening of an assessment. reopening is also not valid if there is no live link or ..... speculation. there must be reason to induce the belief. the belief must be of an honest and reasonable person based upon reasonable grounds. (v) the officer may act on direct or circumstantial evidence; but his belief must not be based on mere suspicion, gossip or rumour. (vi) the belief that is required for reopening .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (2004)84TT(JP.)at547
..... meantime. i would also direct the it department through the chief cit, bihar, to initiate such action as may be considered fit, necessary and expedient under the it act, wt act, etc., against persons whom he reasonably thinks to be involved in the 'scam' and possess unaccountable wealth and property, and take the proceedings to their logical ..... not necessarily result into reassessment. the material sufficient for formation of the belief need not be sufficient for making the assessment/reassessment. the ao should not act arbitrarily, nor should he pretend of having a reasonable belief for reopening of an assessment, reopening is also not valid if there is no live link ..... of initiation of proceedings is dependent on the formation of the belief. it gives the ao the right to reopen a completed assessment.the provisions of the it act clearly provide the procedure for making the reassessment after the initiation has validly been made. provisions of section 143(2) and (3) are applicable in respect .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (2007)104ITD382(Pat.)
..... to interest of revenue. in view of facts indicated above and justification given by cit in order passed under section 263, the order under section 263 of it act deserve to be confirmed. your honour is requested to consider the matter accordingly and decided the issue in favour of department and against the assessee.7. ..... erroneous and prejudicial to interest of revenue. here also i would like to say that since valid notice was issued by cit under section 263 of it act to give assessee opportunity being heard and accordingly he had availed such opportunity during proceedings under section 263 before cit, as evident from order sheet maintained ..... appointed by revenue the power is given to ao by revenue, with certain duties, for which he was bound to discharge as assessing officer. he should have acted as investigator the assessment order passed by assessing officer clearly, not only erroneous but prejudicial to interest revenue. reliance is placed on following decisions: there should .....
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