PRINCIPAL COMMISSIONER OF INCOME TAX 9 KOLKATA vs. P L GOENKA HUF

Accordingly, the appeal filed by the revenue is allowed and the substantial

Bench: THE HON'BLE THE CHIEF JUSTICE T.S SIVAGNANAM,HON'BLE JUSTICE CHAITALI CHATTERJEE (DAS)

Section 147 authorises and permits the assessing officer to assess or reassess income chargeable to tax if he has reason to believe that income for any assessment year has escaped assessment. It was further pointed 6 out that the word “reason” in the phrase “reason to believe” would mean cause or justification; if the assessing officer has cause or justification