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2004 (6) TMI 28 - HC - Income TaxReopening of assessment - Deduction of investment allowance - It wasurged that the petitioner was merely processing pre-composed printing material and in return the petitioner received labour charges only which did not entitle the petitioner to claim investment allowance u/s 32A - Reassessment – limitation - there is no failure or omission on the part of the petitioner either to make a return as required or any failure or omission in relation to any material fact necessary for the purposes of assessment as required under the proviso to section 147 - there is no material with the Assessing Officer to come to the conclusion that any income has escaped assessment – Reassessment is bad in law – petition is allowed – notices are quashed
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