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2016 (4) TMI 44 - HC - Income TaxReopening of assessment - Held that:- The petitioning assessee had to provide for the entire amount due of ₹ 19,20,000/- that accrued to the retired partner irrespective of the amount actually paid upon Accounting Standard-15 coming into effect; but the concerned partner would show only the amount received of ₹ 4,80,000/-. While the figures appear to be mismatched, that is because of the different accounting systems followed by the two assessees. When the two systems of accounting are different, it is not the payment made by one which is being received by the other, but the provision made by one which is being received for a particular period by the other; which may not always match. Since it does not appear that there was either any failure on the part of the petitioning assessee to disclose any material on the basis of which the reassessment would be necessary or there is any discovery of new material by the assessing officer from elsewhere which could prompt the same, the notice dated March 31, 2014 issued by the assessing officer and all steps taken pursuant thereto for reassessment of the petitioning assessee’s accounts for the assessment year 2007-08 stand set aside.
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