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2007 (8) TMI 329 - HC - Income TaxAssessee contend that during the pendency of a valid return, reassessment proceedings cannot be initiated – Whether Tribunal was right in law in not considering Explanation 2 to S. 147 which provides that the AO can reopen the assessments even if the assessments have not been completed u/s 143 and only intimation had been sent, if the conditions laid u/s 147 are fulfilled - AO if has reason has reason to believe that income has escaped assessment it confers jurisdiction to reopen the assessment - order of the Tribunal is set aside – held that notice can be issued u/s 147
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