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2007 (10) TMI 285 - HC - Income TaxReassessment – AO passed block assessment order assessing 90 lac as undisclosed income - Block assessment set aside by tribunal observing that addition of Rs. 90 lakhs, would be taxable in the regular assessment of the two companies and not in the regular assessment of the assessee – since there was no finding that amount was taxable in hands of assessee, reopening of assessment by invoking section 150 cannot be sustained. Once it is held that section 150 is not applicable, then the reopening of the assessment after 6 years would be time barred
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