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2012 (9) TMI 392 - ITAT, CUTTACKValidity of reopening of assessment u/s 148 – assessee change of opinion – period of limitation - reassessment of AY 2002-03 taken by issuing of notice u/s.148 on 30.3.2009 – Held that:- CIT(A) has upheld the assessment having been passed on 31.12.2009 which ought to have been on the basis of facts could only be passed up to 31.3.2007. It is another matter that if on merits the issue to be considered u/s.148 would lean in favour of the assessee insofar as the cash flow on the basis of gifts were explained for by the Assessing Officer for three cash gifts of Rs.25,000 each only. He ought not to have disallowed the whole of the amount of Rs.1,50,000 forming part of the cash flow. Other amounts are less than by Rs.25,000 which confirmation were not called for. Similarly Rs.7 lakhs was advanced to the Managing Director cannot be taxed in the hands of the assessee as unexplained amount in the cash flow. Both these issues therefore could not have been issue for income having escaped for issue of notice u/s.148. As no other additions have been made and there is no whisper for the purported information available to the Assessing Officer we are of the considered view that the issue of notice u/s.148 is invalid and therefore, the consequent assessment u/s.143(3)/147 made by the Assessing Officer also becomes invalid and liable to be quashed – Decided in favor of assessee
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