Daman Ganga Pulp & Papers Pvt.ltd v. The Dy.commissioner Of Income Tax

1 IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.664 OF 2007 Daman Ganga Pulp & Papers Pvt.Ltd....Appellant vs. The Dy.Commissioner of Income Tax ...Respondent. --- Ms.V.N.Patel, for appellant.Mr.J.S.Saluja, for Respondent. CORAM: D.K.DESHMUKH & J.P.DEVADHAR, JJ. DATED: 21[st] October,2008. P.C.:- 1.There are two questions of law framed:-(i)Whether on the facts and in thecircumstances of the case the ITAT wasjustified in upholding the proceedings initiated u/s.148 of the Act in spite of thefact that there was no reason to believethat income had escaped assessment withinthe meaning of Sect.147 of the I.T. Act forthe A.Y. 1997-98 ?(ii)Whether on the facts and in thecircumstances of the case, the ITAT wasjustified in upholding the proceedingsinitiated u/s.148 of the I.T.Act in spite ofthe fact that the appellant had disclosedfully and truly all material facts necessaryfor assessment and there was no reason tobelieve that income for the A.Y. 1997-98 hadescaped assessment within the meaning ofSec.147 of the Act? Admitted position is that when the assessment wasdone, only one document dated 6.1.1997 was produced.Though the second document dated 21.2.1997 by whichthe period of lease is extended from 11 months to 30years, though is relevant for assessment, waswithheld from the Assessing officer admittedly by theassessee. Therefore, it cannot be said that it is question of mere change of opinion and there was norelevant material disclosed subsequently. We do notfind any substance in the question of law. The appealis rejected. (D.K.DESHMUKH, J.) (J.P.DEVADHAR, J.)