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2013 (7) TMI 652 - HC - Income TaxReassessment - assesse contended that the very reopening of the assessment for the year 2006-07 is one without jurisdiction - Held that:- The proceedings would squarely fall under section 147 - having regard to the fact that it is not forthcoming in the reasons stated that he had a reason to believe that the income chargeable in A.Y. 2006-07 had escaped his attention within the meaning of section 147 – assessee had reflected the present transactions in the returns filed by them - but that had escaped the notice of the assessing authority – the term "reason to believe" has been described by the SC in the judgement of Johri Lal v. CIT (1973 (2) TMI 2 - SUPREME Court) – petition decided against assesse. As observed the petitioner is already before the Dispute Resolution Panel. Undoubtedly, if the proceedings go against him before the Dispute Resolution Panel, it is always open for him to file an appeal before the Income-tax Appellate Tribunal wherein all contentions available to him can be raised. - the reasons given by respondent No. 1 making him to believe to initiate or reopen the assessment for the year 2006-07 cannot be substituted by this court by giving its own reasons as to why the reasons given by him are incorrect.
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