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2013 (5) TMI 666 - HC - Income TaxReopening of assessment – escaped income – Assessee is a society registered u/s 12A and also exempted from the tax u/s10(23C)(iv) of the Act For the assessment years under consideration, at the relevant time, the exemption was not available. In these circumstances, the assessee has filed the returns by showing "NIL" income. So, the AO has issued notice under Section 148 of the Act. Held that:- In the previous and subsequent assessment years, the exemption was available to the assessee. As per the notice issued u/s 148 of the Act, the taxable income was shown at Rs.74,202/- and Rs.1,67,450/- respectively for both the assessment years. The amount is meager one and department was not supposed to file the present appeals. The same is barred by Section 268A of the Act also before initiating proceedings for the reassessment, the AO has neither recorded the reasons nor satisfaction as observed by the Tribunal in its order. Tribunal is the final fact finding authority as per the ratio laid down by the Hon'ble Apex Court in the case of Kamla Ganpati vs. Controller of State Duty, [2001 (2) TMI 132 - SUPREME COURT]. Thus, there is no reason to interfere in the impugned orders passed by the Tribunal.
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