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2016 (10) TMI 170 - HC - Income TaxReopening of assessment - applicability of Section 115JB on assessee - Held that:- As the reopening of notice itself has been held to be without jurisdiction on account of first proviso to Section 147 of the Act and as there was no failure on the part of the Respondent Assessee to disclose fully and truly all material facts necessary for Assessment. The reopening notice itself was issued by the Revenue on the basis that Section 115JB of the Act was applicable to the Respondent Assessee and yet in view of the first proviso to Section 147 of the Act, the notice was bad. Therefore, for the purpose of present Appeal, there is no need to examine the applicability of Section 115JB of the Act in respect of the Respondent as it is Banking Company. This question would have only assumed importance if the reopening notice was within jurisdiction. In the above facts, we have not examined the applicability of Section 115JB of the Act to Banking Companies.
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