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2012 (8) TMI 312 - HC - Income TaxReopen the assessment u/s 147 - Held that:- Examining the contention of the Petitioner that the impugned notice is without jurisdiction as the self same facts were not only before the Assessing Officer but he had also viewed the very issues on which the assessment is sought to be reopened. Issue in respect of provisions claimed as deduction for arriving at taxable profit was not only dislcosed in the notes to account filed with the return of Income but also in response to specific queries raised during the assessment proceeding. It was reiterated at the hearing that on the aforesaid account of provision, the tax had already been paid in the earlier years and the amounts were merely written back in this year to the extent they were in excess of the provisions required. Issue of failure to deduct TDS on advertisement and sales promotion was also subject to scrutiny by the AO during the assessment proceedings and also the clause 17(f) of the tax audit report brings out the fact that where tax has not been deducted, then the entire amount of payment has been offered for disallowance u/s 40(a)(ia. Issue on declared short term capital gains in respect of income earned out of investments had to be taxed as business Income is not disputed as that the treatment given was consistent with the earlier year practice and accepted by the Respondent - no reason to believe that income has escaped assessment - notice issued for reassessment is quashed - in favour of assessee.
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