Sec. 147 of Income Tax Act, 1961— Reassessment - The petitioner challenged the impugned notice issued to him under section 148 of the Act, 1961 seeking to reopen the assessment of the petitioner for the assessment year 2012-¬13. The AO did not form the requisite belief that income chargeable to tax has escaped assessment, but the reasons have been recorded on the basis of borrowed satisfaction of the audit department and not that of the AO. Therefore, the basic requirement for assumption of jurisdiction under section 147 of the Act, namely the formation of belief on the part of the AO that income chargeable to tax has escaped assessment, is not satisfied in the present case. The assumption of jurisdiction by the AO under section 147 of the Act is, therefore, invalid. Thus, the impugned notice under section 148 of the Act cannot be sustained. The petition succeeds and accordingly, allowed. - KAKARIA HOUSING & INFRASTRUCTURE LTD. V/s DEPUTY CIT - [2020] 425 ITR 103 (GUJ)