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2002 (8) TMI 49 - HC - Income Tax"Whether Tribunal is correct in holding that the reopening of the assessment for the assessment years 1973-74 and 1974-75 under section 147(a) of the Act is correct, valid, and is not time barred?" - The necessary sanction for the reopening had been obtained. The opinion of the appropriate authority regarding the need for the reopening had been recorded as found by the Tribunal. The reopening was clearly not barred by time. - As regards the assessee's claim that the reopening was not warranted as the amount of addition was less than Rs. 50,000, though the addition was less than Rs. 50,000 in a year, that was, part of the spread over of the higher amount which the assessee was found to have invested in the construction and that amount of Rs. 32,500 was part of the larger sum of Rs. 1,30,000. Having regard to that fact and the fact that an appeal had been filed by the Revenue questioning the order of the Appellate Assistant Commissioner which had reduced the figure below Rs. 50,000 and that appeal was pending at that time, we are unable to uphold the submission made by the assessee that the reopening of the assessment was not permissible under section 149(2) of the Act.
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