Re-assessment can’t be founded on a future contingency which may emerge from outcome of a pending ap

IT : The jurisdictional requirement for reopening an assessment under Section 148 is the formation of a reason to believe by the Assessing Officer that income has escaped assessment. The existence of that reason must be in the present –i.e. a reason which is present to AO's mind when he forms his reason to believe, that income has escaped assessment. Recourse to Section 148 cannot be founded in law on a hypothesis of what would be the position in future should an appeal before the appellate auth