SHYAM BANSAL Vs. ASSISTANT COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) HEARD Shri Ravi Kant, senior advocate assisted by Shri Shakeel Ahmed, advocate for the petitioner and Shri R.K. Upadhyaya, learned standing counsel for the Department.

(2.) THE present writ petition has been filed claiming the following reliefs :

(3.) CHALLENGING the validity, legality and jurisdiction of the AO to initiate reassessment proceedings, the present writ petition has been filed. Shri Ravi Kant, senior advocate, strenuously submitted that there is absolutely no material in possession of the AO to form a belief that income has escaped assessment and to initiate the reassessment proceeding under Section 148 of the Act. He has placed reliance upon an unreported judgment of this Court in Writ Petn. No. 874 of 1999 Dass Friends Builders (P) Ltd. v. Dy. CIT decided on 9th of August, 2005 reported at (2006) 201 CTR (All) 447 - -Ed., Elaborating the argument it was submitted by the learned Counsel for the petitioner that all the facts were disclosed before the assessing authority during the course of assessment proceedings. It was submitted that the petitioner has not concealed any income from the Department and as such the very issuance of notice under Section 148 of the Act is wholly without jurisdiction.