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2012 (6) TMI 315 - AT - Income TaxReassessment - limitation - wrong application of rate of tax - held that:- According to the Assessing Officer, the assessed income has been wrongly taxed at 15 per cent whereas it should have been taxed at 20 per cent. Application of rate of tax on assessed income cannot in any way be the result of the failure of the assessee to disclose fully and truly all material facts necessary for assessment. The Assessing Officer is an adjudicating authority for the purpose of levy of rate of tax on particular type of income and in case when there is no dispute regarding the assessable amount, then, it is only the Assessing Officer who has to determine that what rate of tax is payable by the assessee on a particular income. It is a case where first proviso to section 147 is clearly applicable. The initiation of reassessment proceeding is bad in law, hence, the impugned assessments are quashed on the legal ground that initiation of reassessment proceedings is bad in law.
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