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2012 (9) TMI 509 - AT - Income TaxAssessment u/s 147 without disposing objection raised by assessee – Held that:- Assessment framed without disposing of the objections raised by the assessee deserves to be set aside. In the case of GKN Driveshafts (India) Ltd. (2002 (11) TMI 7) Supreme court held that on receipt of reasons, the noticee is entitled to file objection to issuance of notice and the AO is bound to dispose of the same by passing a speaking order. If the AO proceeds with the proceedings without disposing of the objections raised by the assessee, the entire proceedings are vitiated. Decision in favour of assessee Validity of notice u/s 148 – Time limit for issuing notice u/s 148 – AO issue notice after the expiry of 4 years - Held that:- Onus is upon the AO to bring something on record to establish that the income chargeable to tax has escaped assessment on account of failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment, for that assessment year. Nothing has been recorded by the AO in the reasons recorded for reopening the assessment that the income chargeable to tax has escaped assessment on account of failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment. The assessment framed consequent to the invalid notice issued under section 148 of the Act deserves to be annulled. Appeal decides in favour of assessee
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