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2016 (6) TMI 855 - GUJARAT HIGH COURTReopening of assessment - Tribunal set aside the entire assessment proceedings only on the ground that reopening of the assessment was not permissible in law - Held that:- The conclusions of the Tribunal are completely opposed to the decision of Supreme Court in case of Assistant Commissioner of Income tax v. Rajesh Jhaveri Stock Brokers P. Ltd. reported in (2007 (5) TMI 197 - SUPREME Court ) wherein held So long as the ingredients of section 147 are fulfilled, the Assessing Officer is free to initiate proceeding under section 147 and failure to take steps under section 143(3) will not render the Assessing Officer powerless to initiate reassessment proceedings even when intimation under section 143(1). The sole ground on which the Tribunal quashed the reassessment, therefore, is not legally sustainable. The judgement of the Tribunal is therefore, set aside. Both the appeals are restored before the Tribunal for fresh consideration and disposal in accordance with law keeping all other contentions of both the sides open. By way of abundant caution, we clarify that it would be open for the assessee to challenge the validity of reopening on all grounds other than the one which we have found not sustainable. - Decided in favour of revenue
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