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2011 (3) TMI 619 - AT - Income TaxReassessment - Income escaping assessment - Scrutiny - Capital or revenue expenditure - Interest is on account of delayed payment of acquisition cost of ongoing concern - It is also seen from Annexure 13 to Tax Audit Report that the assessee company is following exclusive method of accounting for CENVAT/MOCVAT credit in the books of accounts and is also not considering for valuation of inventory - There were no new facts before the Assessing Officer which could justify the reopening - Held that: it is tax neutral and, unless the condition of satisfaction about income having escaped assessment is satisfied, there cannot be any reopening of assessment - Decided in the favour of assessee
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