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2011 (3) TMI 1231 - HC - Income TaxReassessment - Time limitation - assessee filed income-tax return for the assessment year 2004-05 disclosing an income claiming exemption under section 10(23C) - Held that:- If the Income-tax Officer has reason to believe that income had escaped assessment, as clarified in Explanation 2 to section 147 of the Act, proceedings can be initiated for reassessment. As already noticed that claim of excess deduction/allowance in a case of non-assessment, or excessive relief having been granted where assessment has been made also amounts to escapement. In so far as the initiation of reassessment proceedings are concerned it is prima facie, convinced that the respondent is well within the jurisdiction in issuing the notices. It shall be open to the petitioner to raise all the pleas before the respondent pursuant to the notices issued under section 143(2) of the Act. In such an event, it is needless to observe that the respondent shall consider all the matters before passing reassessment orders - writ petition dismissed, without any order as to costs. Against assessee.
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