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2012 (6) TMI 57 - HC - Income TaxIssue of reassessment notice u/s 147/148 instead of issuing notice u/s 143(2) for scrutiny assessment - held that:- we do not think that the Assessing Officer is prevented and barred from recording reasons in writing and issuing fresh notice under Section 148 of the Act in view of the objections raised by the petitioner to the present proceedings or in view of the decision of this Court in Ved & Co. (2007 (2) TMI 212 (HC)). Of course, the petitioner will be entitled to question the reassessment proceedings if initiated on other grounds or reasons as per law. The respondents have agreed to and will be bound by the statement to withdraw notice under Section 147/148 dated 5th July, 2011, but will have liberty and right to issue fresh notice under Section 147/148, after recording reasons to believe. The said notice will not be barred because the respondents had not initiated proceedings by issue of notice under Section 143(2) of the Act or they had earlier issued notice under Sections 147/148 dated 5th July, 2011.
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