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2007 (5) TMI 227 - HC - Income TaxIncome escaping assessment – export duty charged by assessee from customers - refund received from the U. P. Excise Department, on account of the refund of export duty paid by the assessee, was being kept under contingent liabilities and not being appropriated towards income or trading receipts – since AO is fully aware of the reason given/disclosed by assessee for the same at the time of original assessment, assessment cannot be reopened – hence reassessment is invalid
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