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Section 147, read with section 148 of the Income-tax, Act 1961 - Income escaping assessment - Illustration - Assessment year 1991-92 - For relevant assessment year, Assessing Officer initiated reassessment proceedings under section 147/148 solely on basis of failure on part of assessing authority to take proper proceedings within time prescribed for regular assessment - Tribunal finding that while issuing notice, Assessing Officer did not record any satisfaction for escapement of income, set aside proceedings initiated under section 147/148 - Whether since Tribunal had not rested its decision solely on basis of invalidity of proceedings under section 147/148 but also on merits of assessment and revenue had not raised any grievance about findings recorded on merits impugned, order of Tribunal was to be affirmed - Held, yes FACTS An intimation was sent under section 143(1)(a) in respect of the return filed by the assessee within the time prescribed, but thereafter, notice for proceedings under section 143(2) was not issued within the time prescribed. Subsequently, the Assessing Officer initiated proceedings under section 147/148 for reassessment solely on the basis of failure on the part of the assessing authority to take proper proceedings within the time prescribed for regular assessment. On appeal, the Tribunal found that while issuing the first notice, the Assessing Officer did not record any satisfaction for escapement of income and the second notice was also founded on vague grounds, which could not have given any foundation for assessing the validity of reassessment proceedings. The Tribunal, accordingly, set aside the proceedings, initiated under section 147/148. On appeal : HELD The question suggested about the validity of reassessment proceedings which had been held against the revenue was a substantial question of law. However, it was found from the order of the Tribunal that the Tribunal had not rested its decision solely on the basis of the invalidity of the proceedings under section 147/148, but it had also decided the appeal filed by the assessee on the merits of the assessment also, on all the grounds raised by the assessee. The revenue had not…

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