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2012 (9) TMI 540 - ITAT, BANGALOREReassessment - section 150 - assessment in pursuance of an order on appeal – AO added back amount written off by bank, which was payable by assessee by invoking Sec.41(1) – High court accepted the fact that amount was not eligible for tax in the year of appeal but for subsequent years – “Hon'ble Court held that "if the same is not disclosed by the assessee in the subsequent year, it is open to Revenue to take action in accordance with law” – Assessee did not file any return in subsequent year for said income – AO initiated proceedings u/s 147 to tax the said amount by issuing notice u/s 148 in accordance with Sec 150(1) – Held that:- Following the decision of Supreme Court in case of Rajinder Nath (1979 (8) TMI 3) in this case HC held (i) the High Court gives liberty to the assessee to show the said amount in the subsequent years, and (ii) If the same is not shown by the assessee in the subsequently years, it is open for the revenue to take action in accordance with law. Therefore, it is clear that the order passed by the Hon'ble High Court in the assessee’s case for the said Assessment Year was not in the nature of a direction hence the provision of Sec. 150(1) of the Act will not be applicable. Decision in favour of assessee.
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