CONSULTING ENGINEERING CORPORATION INDIA Vs. JDIT

JUDGEMENT

(1.) THE above captioned appeals of the assessee as well as of the revenue have been preferred against the order of CIT(A) -XXIX, New Delhi dated 10.12.2008 for AY 2003 -04 and 2004 -05.

(2.) THAT the LD. Assessing Officer has no valid material to assume jurisdiction under section 147 of the Income Tax Act, 1961 and consequentially reasons so framed is null, void and bad in law. In the absence of valid material available on record for formation of reason to believe that there has been an escapement of income by the LD. Assessing Officer the reopening is bad in law.

(3.) THAT the reasons alleged to have been recorded are not based on facts but on suspicion which cannot be the foundation for formation of reason to believe as contemplated under the provisions of section 147 of the Income Tax Act, 1961 and hence the reopening is bad in law and reassessment as framed deserves to be quashed.