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2014 (5) TMI 440 - HC - Income TaxValidity of notice u/s 148 of the Act Claim of set off of brought forward unabsorbed depreciation allowance against income from long term capital gains Held that:- Following GENERAL MOTORS INDIA PVT. LTD Versus DEPUTY COMMISSIONER OF INCOME-TAX [2012 (8) TMI 714 - GUJARAT HIGH COURT] - while providing for a mechanism for supplying the reasons recorded for reopening the assessment has further provided that the assessee would be entitled to file objections to issuance of notice and the AO would be bound to dispose of the same by passing a speaking order - the AO was required to dispose of the objections of the assessee before finalizing the assessment. The very basis for the AO to upheld a belief that income chargeable to tax had escaped assessment lacks validity - On this ground itself, the notice is set aside - The reference to the order of Supreme Court would be of no avail to the revenue since in such order all that was provided was that the question of law was kept open This does not mean that the decision of the Court was reversed or that the decision by a cognate Bench would not continue to bind Decided in favor of Assessee.
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