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2014 (9) TMI 1241 - AT - Income TaxReopening of assessment u/s 147 - assessee argued that time for issuance of notice u/s 143(2) of the Act was very much available at the time of initiation of re-assessment proceedings for the reason that validly filed return of income is pending assessment and proceedings have not been terminated or come to an end - HELD THAT:- As relevant assessment year involved is 2005-06 and assessee has filed its return of income for A.Yr.2005-06 on 06.10.2005 within the time prescribed u/s 139(1) of the Act. The AO issued notice u/s 148 of the Act dated 24.07.2006. Admittedly there is time left for issuance of notice u/s 143(2) of the Act i.e. 12 months from the date of filing of return of income and in the present case the return was filed on 06.10.2005 and notice u/s 143(2) of the Act can be issued by the Revenue upto 31.10.2006. We find that the issue is fully covered by the decision of CIT vs Qatalys Software Technologies Ltd [2008 (7) TMI 240 - MADRAS HIGH COURT] as held no action could be initiated under section 147 of the Act, when there is a pendency of the return before the Assessing Officer. The reasons given by the Tribunal are based on valid materials and evidence and we do not find any error or illegality in the order of the Tribunal so as to warrant interference - Decided in favour of assessee.
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