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2013 (11) TMI 1643 - AT - Income TaxReopening of assessment - exemption u/s 54 - condonation of delay - Held that:- The assessee had a bona-fide belief that reopening of assessment was correct and the assessee is not entitled for deduction u/s. 54(1) of the Act. Being so, in our opinion, the bona-fide belief is a reason for delay in filing the appeal before the CIT(A). If the assessee is otherwise entitled for exemption u/s. 54(1), we direct the CIT(A) to examine the issue afresh and decide the issue in accordance with law. As the appellate authorities are empowered to entertain the claim during the appeal proceedings which was not put before the AO on earlier occasion by the revised return. The judgement of Supreme Court in the case of Goetze (India) Ltd. vs. CIT (2006 (3) TMI 75 - SUPREME Court ) does not prevent the CIT(A) in entertaining this issue. Accordingly, we remit the issue to the CIT(A) for deciding it afresh.
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