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2013 (12) TMI 1423 - HC - Income TaxValidity of reassessment u/s 147 - service of notice - Held that:- The assessment proceedings were reopened after giving notice in terms of Section 148(1) of the Act - The assessee's accountant had received the notice and the assessee has subsequently attended the proceedings - A perusal of assessment records goes to reveal that Shri Tarsem Pal, Accountant was duly authorised to receive the notices and the services were rightly effected u/s 282 of the I.T. Act - Action of the AO in reopening the case under Section 147 of the Act as also of service of notice under Section 148(1) of the Act on the assessee through its representative, to be valid and legal - Decided against assessee. Undisclosed octroi income - Held that:- The assessee has failed to show supporting entries showing payment of octroi - Decided against assessee. Reserves on account of Sundry World Bank Account - Held that:- It was entire sale price charged in advance - The assessee did not refund the balance amount immediately at the time of delivery of tractor - The amount received as sale price in advance was clearly in the nature of trading receipt and the entire amount is clearly assessable as income of the assessee - The adjustment on account of refunds should be made in the year in which the deposits was actually received between the assessment year 75-76 to 77-78 - Decided against assessee.
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