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2012 (7) TMI 523 - HC - Income TaxQuashing the Assessment u/s 147/143 (3) by Tribunal - no return was filed by assessee - Held that:- Tribunal in setting-aside the assessment and penalty order has adopted a hyper-technical approach in holding that the material which existed and which was relied upon by the AO were insufficient to be described as “reasons to believe” u/s 147 - As is evident the assessee had not filed any return for the succeeding year but had received a sum in excess of Rs.100 crores as consideration for transfer of business and as per Explanation 2(a) to Section 47 non-filing of return under certain circumstances could itself led to inference of escaped income - once the AO was satisfied about the income escapement no further investigation as to what was the ground for the assessee to have not filed the return. Therefore, the Tribunal ought not to have set-aside the assessment and penalty order in this case on such narrow reasoning - matter is remitted back to the Tribunal to consider the reassessment and the penalty appeals - against assessee.
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