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2011 (1) TMI 192 - ITAT, VISAKHAPATNAMRe-opening of the assessments – Income escaping assessment - reassessment was framed and A.O. re-computed the capital gains at Rs. 51,95,050 – in the first round the reopening of the assessment was knocked down only for the reasons that the reasons recorded were not communicated to the assessee and the reopening was done when there was a time to issue a notice u/s 143(2) of the Act. There was no specific finding of the CIT(A) with regard to the sufficiency of reasons to form a belief that income chargeable to tax has escaped assessment. At the time of second reopening the defects which were pointed out by the CIT(A) in first round has been removed and the A.O. has reopened the assessment after forming a belief that income chargeable to tax has escaped assessment. No argument was raised with regard to the sufficiency of reasons hence it was not adjudicated upon by the CIT(A) - Reassessment held to be valid - matter restored before CIT(A).
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