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2013 (12) TMI 1112 - AT - Income TaxValidity of assessment u/s 147– Held that:- As per AO, certain income has escaped assessment by reason of incorrect allowing of deduction under section 54F of the Act for the reason that the assessee had not acquired the dominion over the new residential property within the stipulated two years - The said issue was a subject matter of consideration in the block assessment framed under section 158BC read with section 158BD - The same point cannot be taken up by the Assessing Officer to hold that any income has escaped assessment within the meaning of section 147/148 when the block assessment u/s 158BC was not uphold by CIT(A) - Following Smt. Mira Ananta Naik v. Dy. CIT [2008 (8) TMI 800 - BOMBAY HIGH COURT] - There is much substance in the contentions of Shri Nadkarni that the search having resulted in block assessment - In these proceedings the income tax assessed and taxed after it was brought to the notice of the Assessing Officer. Merely because the block assessment was not upheld by the authorities under the Income-tax Act, it cannot be reason enough in this case to invoke section 147 of the same - The reasons recorded by the Assessing Officer, reproduced in the earlier part of this order do not show any reasonable basis for the Assessing Officer to conclude that there was any escapement of income - The initiation of proceedings by issuance of notice under section 147/ 148 in the present case is flawed and void ab initio – Decided in favour of assessee.
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