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2012 (12) TMI 690 - HC - Income TaxReassessment - valuation of closing stock u/s 145A - held that:- The whole raison 'de 'tre for reopening assessment is the escapement of income. From the above facts, it was established that in either method of accounting, the total income would not have changed and the final figure would have remained the same. There was, therefore, no question of any underassemment and consequently there was no escapement of income. The Assessing Officer did not apply his mind and overlooked the simple accounting principle. The centripetal condition that there has to be an escapement of income is not fulfilled. The justification for reopening therefore falls to the ground. Notice issued u/s 148 held as illegal and quashed. - Decided in favor of assessee.
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