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2013 (8) TMI 187 - AT - Income TaxRe opening of assessment - disallowance of deduction u/s 10B and correctness of the interest charged u/s 234B and 234C - Held that:- It is not in dispute that the reassessment proceedings were initiated after expiry of four years from the end of the relevant assessment year and in a case where the original assessment was completed under section 143(3) two conditions have to be satisfied to issue a notice under section 148 of the Act, i.e., (a) failure on the part of the assessee to make a return under section 143 or to a notice issued under sub-section (1) to section 147 or section 148 or disclose fully and truly all material facts necessary for assessment, and (b) income chargeable to tax has escaped assessment. In the instant case computation of total income alongwith annexures as well as the details furnished during the course of regular assessment proceedings clearly indicate that the assessee furnished all the details necessary for the purpose of making an assessment and in the absence of recording a reason that reassessment proceedings were on account of failure on the part of the assessee to furnish true and correct particulars of income, reopening of assessment cannot be said to be valid in law. Under these circumstances we quash the reassessment proceedings. Since the notice issued under section 148 is held to be bad in law, other issues urged by the assessee in its appeal as well as the grounds urged by the Revenue in the cross appeal do not survive for consideration. In favour of assessee.
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