AO can assume jurisdiction u/s 147 if it has reason to believe that income has escaped assessment

M/s Kone Elevator India Pvt Ltd Vs ITO (Madras High Court) – As per the decision of the Hon’ble Supreme Court, once the Assessing  Officer has come to the conclusion that the taxable amount has escaped assessment, two conditions were required to be satisfied on the basis of the materials placed before him. Both these conditions were conditions precedent to be satisfied before the Assessing Officer could have jurisdiction to issue notice under section 148 read with section 147(a). But under the substituted section 147 existence of the first condition alone is suffice.  In other wo...