It is not any and every material, howsoever, vague and indefinite or distant, remote or far-fetched, which would warrant formation of belief relating to escapement of income of assessment

CASE LAWS DETAILS DECIDED BY: ITAT, DELHI BENCH `D’, NEW DELHI, IN THE CASE OF: ITO Vs. Lakshya Exim Pvt. Ltd., APPEAL NO: ITA No. 2328/Del/2008, DECIDED ON April 16, 2010 RELEVANT PARAGRAPH 17. Section 147 authorizes and permits the Assessing Officer to assess or reassess income chargeable to tax if he has reason to believe that income for assessment year has escaped assessment. It is also well settled that words “reason to believe” used in section 147 of the Act are stronger than the words “is satisfied”. The belief entertained by the AO for the purpose of init...