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2014 (6) TMI 698 - AT - Income TaxValidity of assessment u/s 147 of the Act – Determination of income – Held that:- Reopening is permissible when some information has come to the notice of the AO subsequent to the completion of assessment and where such information was not previously disclosed - the turnover being less than Rs.40 lakhs there is no necessity for the assessee to obtain tax audit report and all these facts were already in the knowledge of the AO while making the assessment u/s 143(3) of the Act and if at all there is non application of mind on the part of the AO on the earlier occasion the assessee should not be made to suffer in the form of initiation of proceedings u/s 148 as such an exercise would amount to giving a premium to an authority exercising quasi-judicial functions, to take benefit of its own wrong. – Relying upon CIT vs. ICICI Bank [2012 (7) TMI 521 - BOMBAY HIGH COURT] - reopening of assessment is bad in law – Decided in favour of Assessee.
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