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Bona fide reason to believe that there is escapement of income is sufficient for issue of notice under section 148
Case Law Details
- Case Name
- ACIT Vs Rani Shankar Mishra (ITAT New Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2003- 2004
- Courts
- ITAT Delhi
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RELEVANT PARAGRAPHS:
19. As per our considered view, at the time of issue of notice, it is sufficient that prima-facie reasons and material should be with Assessing Officer that there is escapement of some income. At the time of issue of notice the Assessing Officer is not required to conclusively establish that there is escapement of income, mere bona-fide reason to believe that there is escapement of income is sufficient for issue of notice under section 148. Recently the Hon’ble Supreme Court in the case of ACIT v. Rajesh Jhaveri, Stock Broker Pvt. Ltd. 291 ITR 500, o...
