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2013 (12) TMI 187 - ITAT MUMBAIWhether reopening of assessment proceedings u/s 148 valid or not – The assessee has claimed refund on excess depreciation wrongly calculated on valuation of securities by the assessee – After completing assessment u/s 143(3) the AO reopened the assessment u/s 147 - The original assessment for the assessment year 2001-02 was completed under section 143(3) on February 13, 2004 determining the total income at Rs. 26,35,49,42,360 - A search and seizure action was initiated in the assessee's case by the Department on July 2, 2005 on which date the assessment for the assessment year 2001-02 was not pending - Held that:- Following All Cargo Global Logistics Ltd. [2012 (7) TMI 222 - ITAT MUMBAI(SB)] - In view of the non obstante clause of sub-section (1) of section 153A the Assessing Officer has no jurisdiction to issue notice under section 148 of the Act in respect of those six assessment years which falls within the exclusive jurisdiction of section 153A - The Assessing Officer was not justified in issuing notice under section 148 on August 28, 2006 and in completing the impugned assessment under section 143(3) read with section 147 of the Act on October 31, 2006 - The Assessing Officer instead of complying with the requirement of section 153A proceeded with the provisions of section 147/148 which are not applicable in the assessment under section 153A – Decided in favour of assessee.
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