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2009 (7) TMI 860 - AT - Income TaxReason To Believe - In this case, assessee filed the return in the status of registered firm on 30th Oct., 1998 declaring income at Rs. 2,09,570 for the year under consideration - In this case the different firms came together and constituted another firm through its representatives - Coming to the instant case of the assessee there is no case even for the Revenue that all the partners of both the firms were not the signatories of the larger firm - The agreement is in truth between three major members out of those who constitute the yarn shop and four outsiders - The reopening on the basis of a decision that was already existing at that point of time which was held to be ignorance of law could not be a ground for initiating reassessment proceedings - There was no escapement of income and, therefore, consequential reopening was also bad in law - Decided in the favour of the assessee
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