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2009 (8) TMI 49 - HC - Income TaxReassessment u/s 148 - reason for re-opening of an assessment - petitioner submitted that the initiation of the proceedings under Section 147/148 of the Act is a 'change of opinion' and as such proceedings are liable to be quashed - Held that - while accepting the return there was no application of mind by the AO, simply the intimation u/s 143(1) was sent and the assessment of the said years were not framed under Section 143 (3), therefore, it can not be said that the regular assessments were framed - the assessee firm had credited misc. receipts as rent from property amounting to Rs. 8,83,080 and sales of Rs. 30,82,001/- and gross profit of Rs. 6,28,459/- only and debited business expenditure to the tune of Rs. 11,20,413/- giving a net profit of Rs. 3,91,158/- which was less than the rent, received - Issuance of notice u/s 148 upheld - It is a settled law that res-judi-cata does not apply to income tax proceedings and each assessment year being a separate unit and is new and is based on different facts and circumstances
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