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2005 (1) TMI 68 - HC - Income TaxReassessment proceedings - "Whether Tribunal was correct in law in cancelling the reassessment proceedings on the ground that the Board has not given a valid sanction and there was no basis for forming satisfaction for issue of notice under section 148 of the Income-tax Act, 1961?" - In our opinion, without going through the relevant record, it is not possible to upset the finding recorded by the Tribunal that the Board had mechanically sanctioned initiation of the reassessment proceedings and on that ground, the order of reassessment was liable to be treated as nullity. In view of the above, the question referred by the Tribunal is answered in favour of the assessee and against the Revenue.
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