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2003 (2) TMI 53 - HC - Income TaxWhether the Tribunal was right in holding that the Assessing Officer could only take recourse to section 155 to modify the assessment of the assessee and he could not take recourse to section 148 of the Income-tax Act? - A perusal of the above provision shows that in case of reassessment of a firm, the Assessing Officer has not only to determine the assessable income of the firm but has also to amend the assessment orders of the partners accordingly. Hence, in our opinion, the Tribunal has correctly held that the Assessing Officer could only take recourse to section 155 to modify the assessment of the assessee and he could not take recourse to section 148 of the Income-tax Act. The Tribunal has also held that the Revenue can revise the shares of the appellants in the firm by invoking the provisions of section 155(1), if the law so permits. - We find no illegality in the impugned order of the Tribunal. The appeal is dismissed.
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