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2013 (7) TMI 854 - HC - Income TaxValidity of reassessment - Declaration filed under VDIS 1997 - CIT held that full disclosure not done therefore reassessment necessary - Tribunal held that A.O. not applied mind independently therefore, reassessment unnecessary - Held that:- It is no doubt true that under the circular issued by the Commissioner, the declaration made by the assessee was to be placed for the information of the Assessing Officer for the purpose initiation of proceedings under Section 147 of the Income Tax Act. But that, by itself, would not lead to an automatic mechanical exercise of jurisdiction under Section 147 of the Income Tax Act - when the Assessing Officer had had the necessary materials indicating the concealment of income or income which had escaped assessment irrespective of the source from which it had come, it being the information and the material indication of escapement of income from assessment for the Assessing Officer to reopen the assessment, rightly the Assessing Officer assumed jurisdiction under Section 147 of the Income Tax Act and no exception could be taken to this by the assessee, contending that the Assessing Officer had no jurisdiction under Section 147 of the Income Tax Act - Decided in favour of Revenue.
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