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2012 (6) TMI 258 - AT - Income TaxReopening of the assessment - original assessment for assessment year 1992-93 was completed in this case on 31-3-1995 by making addition of Rs. 80 lakhs received by the assessee – Held that:- no finding or directions have been issued in assessment year 1992-93 to tax the same income in the assessment year under appeal which is also inherently impossible in view of the findings that it is capital receipt. provisions of section 150 of the Income-tax Act would not apply in the case of the assessee and since the reopening of the assessment is made after a period of six years from the end of the assessment year as per section 149 of the Income-tax Act, therefore, it is clearly time-barred. it is finally decided between the parties that such a receipt is a capital receipt; therefore, no income chargeable to tax would have escaped assessment. no addition of Rs. 80 lakhs can be made in the hands of the assessee. appeal of the assessee is allowed
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