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2013 (7) TMI 537 - HC - Income TaxReopening of the assessment u/s 147 – whether the reopening of the assessment by the AO valid - Held that:- There exist no reasons to be lacking validity permitting the Assessing Officer to assess the income - So long as the ingredients of section 147 are fulfilled, the Assessing Officer is free to initiate proceeding under section 147 and failure to take steps under section 143(3) will not render the Assessing Officer powerless to initiate reassessment proceedings even when intimation under section 143(1) had been issued - there was sufficient material with the Assessing Officer to form a belief that income chargeable to tax had escaped assessment - Court relied upon the decision of Assistant Commissioner of IncomeTax vs. Rajesh Jhaveri Stock Brokers P.Ltd. (2007 (5) TMI 197 - SUPREME Court) - in an assessment which was previously not taken in scrutiny, the AO found that there were no cash sales in the financial year 2004-05 and that therefore total sales was unexplained - AO also pointed out that the total sum through different entries was deposited in cash in the bank account of the assesse during the said period which is also unexplained - notices for reassessment have been issued in case of a non-scrutiny assessment - appeal decided against assesse
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