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2014 (9) TMI 171 - DELHI HIGH COURTValidity of notice for reopening of assessment u/s 148 - Time-barred notice – Invocation of extended period of limitation as provided u/s 149(1)(c) – Held that:- Assessee during the proceedings had taken the specific stand that it was an Indian company and that it has no foreign asset and no foreign income and that Section 149(1)(c) of the Act had no application - It is clear from both the letter dated 16.09.2013 as well as the order dated 19.12.2013 that there is no reasoning indicated as to how Section 149(1)(c) has been invoked other than simply re-producing the contents of Section 149(1)(c) - neither the letter dated 16.09.2013 nor the order dated 19.12.2013 nor the counter affidavit filed by the revenue controvert the statement made by the petitioner that it has no asset located outside India – thus, the question of deriving an income from any such asset also does not arise - it will have to be accepted that the petitioner does not have any asset outside India and, the question of the petitioner having any income in relation to such an asset would not arise - The very condition precedent for issuing a notice u/s 148 read with Section 149(1)(c) invoking the extended period of limitation of sixteen years is that the income which has escaped assessment must have relation to any asset located outside India - This pre-condition is not satisfied - there is a complete bar to the issuance of such a notice beyond the period of four years – thus, the notice for reopening of assessment is set aside – Decided in favour of assessee.
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