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2013 (7) TMI 769 - HC - Income TaxReopening of assessment u/s 148 - whether the conditions precedent for exercise of powers u/s 147 in the light of the proviso thereto are satisfied - The only aspect which is required to be considered is as to whether the provisions of section 150 of the Act would be attracted - the ingredients for invoking section 150 are clearly not satisfied – basic premise on which the assessment is sought to be reopened is erroneous – the very formation of belief that income chargeable to tax has escaped assessment is fallacious and there is no material on the basis of which the AO could have formed such a belief - there is no material on record to indicate any omission or failure on the part of the petitioner to disclose fully and truly all material facts necessary for his assessment - neither of the two conditions precedent for exercise of powers u/s 147 after the expiry of a period of four years from the end of the relevant A.Y. is satisfied - the very assumption of jurisdiction on the part of the Assessing Officer is invalid – notice set aside – petition allowed in favour of assessee.
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