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2016 (4) TMI 78 - AT - Income TaxValidity of reopening of assessment - Wrong claim of bad debt and foreign exchange gain - Held that:- Re-assessment proceedings u/s.148 in its case are barred by limitation due to the proviso of sec.147 of I.T.Act. It is noted that though the AO has claimed that the income has escaped assessment during the year on account of wrong claim of bad debt and foreign exchange gain, but it is worth noting that during the original assessment the then A.O. has specifically raised both the issues in question in the notice dated 14.12.2007 and in compliance of the said notice in this regard, vide letter dtd. 20/12/2007 details/clarification on both the issues were provided to the AO by the appellant. Therefore, under these circumstances it cannot be held that in the original assessment the A.O has not applied his mind and he has not taken a conscious decision on this particular matter. In the instant case it is noted that both the issues were considered by the A.O. in the original assessment. Therefore, under these circumstances it appears that there has been no omission/failure on the part of the appellant to disclose any material fact. In the reasons recorded by the A.O. also it is not mentioned that the appellant has not disclosed any material facts. - Decided in favour of assessee
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