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2014 (9) TMI 726 - HC - Income TaxReopening of assessment u/s 148 - high level of operating profits - excessive deduction taken u/s 10A – Held that:- Appeal of the assessee has been allowed by the ITAT - As the position stands today, the reasons do not survive - subsequently the position may be altered in case the Revenue files and appeal and succeeds therein - Therefore, the Revenue also has to be protected - the re-assessment proceedings is directed to stand closed and the writ petition is disposed of with liberty to both sides to seek revival in case the need arises - if the case is ultimately decided in favour of the Revenue in respect of the assessment year 2009-10, then the Revenue shall be entitled to revive its proceedings pursuant to the impugned notice u/s 148 of the Act and the assessee shall not take up the plea of limitation - As of now, the re-assessment proceedings initiated by virtue of the notice u/s 148 does not survive – Decided in favour of assessee.
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