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2017 (5) TMI 1098 - ITAT CHENNAIReopening of assessment - Held that:- It is clear that once four years have gone by, a reopening notice can be sent only if income which has escaped assessment is more or likely to be more than C1,00,000/-. That apart, assessee’s objection to the reasons given for re-opening were never disposed of by ld. Assessing Officer, prior to completing the assessment. The judgment of Hon’ble Apex in the case of Rajesh Jhaveri Stock Brokers P. Ltd, (2007 (5) TMI 197 - SUPREME Court) is of little help to the Revenue when reopening is time barred and objection to reasons given for reopening were not dealt prior to completion of the assessment. Have no hesitation to hold the reassessment proceedings as well the reassessment as invalid and bad in the eyes of law. It stands set aside. - Decided in favour of assessee.
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