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2006 (8) TMI 512 - BOMBAY HIGH COURTReopening of assessment u/s 147 - existence of speculative loss - Held that:- There is nothing new which has come to the notice of the revenue. The accounts had been furnished by the Petitioner when called upon. Thereafter the assessment was completed under section 143(3) and now, on a mere relook, the officer has come to the conclusion that the income has escaped assessment, thus this is not something which is permissible under the proviso to section 147 which speaks about a failure on the part of the assessee to make a proper return - in favour of assessee.
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