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2013 (10) TMI 2 - HC - Income TaxRecording of reasons to believe for issuance of notice u/s 148 of the Income Tax Act – Necessity for re-assessment u/s 147 of the IT Act – Non inclusion of receipt of Japanese Yen 8,99,92,707 (Rs.3,35,58,280/-) in returned income - Held that:- it will be just and proper to direct that the petitioner should furnish complete and full details before the Assessing Officer in the reassessment proceedings in regard to receipt of Japanese Yen 8,99,92,707 in India and the fact that the said amount was shown in the taxable income and received in the previous year. In case the petitioner is able to satisfy the Assessing Officer on the said aspect, necessary and consequential assessment order will follow. Only in case the petitioner is not able to satisfy the Assessing Officer on the said aspect, the Assessing Officer can proceed with the reassessment in accordance with law. We clarify that only one assessment order can be and will be passed and the petitioner cannot insist that a separate order be passed. - Decided partly in favor of assessee.
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