Sheo Nath Singh v. Appellate ACIT, Calcutta

Commissioner of Income Tax, Kolkata-II, Kolkata vs. M/S. Kesoram Idustries Limited

Bench: : The Hon’Ble Justice Surya Prakash Kesarwani & The Hon’Ble Justice Rajarshi Bharadwaj Date : 6Th May 2024. Appearance: Mr. Soumen Bhattacharjee, Advocate Mr. Ankan Das, Advocate … For The Appellant. Mr. J. P. Khaitan, Senior Advocate Ms. Nilanjana Banerjee Pal, Advocate. … For The Respondent. 1. Heard Sri Soumen Bhattacharjee, Learned Junior Standing Counsel For The Appellant & Sri J. P. Khaitan, Learned Senior Advocate Assisted By Sm. Nilanjana Banerjee Pal, Learned Counsel For The Respondent Assessee. 2. This Appeal Was Admitted By This Court By Order Dated 31St July 2013 On The Following Substantial Question Of Law:- “Whether On Facts & In The Circumstances Of The Case, The Learned Income Tax Appellate Tribunal Erred In Law In Setting Aside The Order Under Section 147 Of The Income Tax, 1961?”

…authority would then decide the matter in the light of material already in its possession as well as fresh material procured as a result of the enquiry which may be considered necessary.” 14. In the case of Sheo Nath Singh vs. Appellate Assistant CTT, (1972) 3 SCC 234 (Para-10), Hon'ble Supreme Court while considering the similar provisions of Section 34 (1-A) of the Indian Income Tax Act, 1922, held as under:- “………..There can be no manner of doubt that the words "reason to believe" suggest that the belief must be that of an honest and reasonable person based upon reasonable grounds and that the Income Tax Offic…