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2014 (11) TMI 52 - HC - Income TaxJurisdiction of AO to issue notice u/s 148 – Assessee contended that notice under section 148 of the Act issued on the basis of the retracted statements is bad in law - Event when assessee can challenge the jurisdiction of AO for issuing issue - Held that:- The reasons recorded by the AO are sufficient to issue notice u/s 148 of the Act - in Commissioner of Income Tax, Delhi Versus M/s. Kelvinator of India Limited [2010 (1) TMI 11 - SUPREME COURT OF INDIA] - AO has no power to review - he has the power to reassess - But reassessment has to be based on fulfilment of certain pre-condition and if the concept of 'change of opinion' is removed, then, in the garb of reopening the assessment, review would take place - the only remedy open to the assessee, in the facts and circumstances of the case and more particularly in view of the detailed reasons recorded by the AO, while dealing with all objections/contentions urged on behalf of the assessee including the question of jurisdiction to issue notice u/s 148 of the Act, is to file an appeal after the reassessment order u/s 147 of the Act - the AO did follow the due procedure and recorded sufficient reasons – All the contentions of assessee kept open to be raised before AO - Decided against assessee.
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