Dipak Kumar Sen, J. - (1.) At the instance of Sri Panchanan Hati, the assessee, the Income-tax Appellate Tribunal proceeding under Section 256(1) of the Income-tax Act, 1961, has drawn up a statement of case and has referred the following question to this court as a question of law arising out of its order dated the 19th July, 1975 : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding that the assessment could be reopened under Section 147(a) of the Income-tax Act, 1961, for the assessment year 1960-61 ?"
(2.) The relevant facts found and/or admitted in these proceedings are of short compass. The assessee is an individual and was assessed to income- tax in the assessment year 1960-61, the relevant previous year being 1366 H.S., under Section 23(3) of the Indian Income-tax Act, 1922. The assessment order was passed on the 20th December, 1961.
(3.) Thereafter, the assessment was sought to be reopened under Section 1,47 of the Income-tax Act, 1961, and a notice under Section 148 was issued and served on the assessee on the 31st March, 1969. The ground for reopening as recorded was as follows : "It was revealed in the course of investigation at subsequent stages that there were cash credits in the assessee's books of hundi loans in the accounts of bogus parties who by their confession made before the department at subsequent stages had stated that they had acted as name-lenders for third parties' accounts. This material fact necessary for assessment was kept concealed by the assessee at the original assessment stage.";