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2017 (9) TMI 1229 - AT - Income TaxReopening of assessment - reasons to believe - non providing reason within reasonable time - Held that:- In the present case the assessee has filed the return of income on 18/04/2013 in response to the notice under section 148 of the income tax act dated 22/03/2013. On the date of filing of the return of income, the assessee requested for the reasons recorded. However, the correct reasons recorded were provided to the assessee only on 20/03/2014 i.e. Just before 10 days of the completion of the assessment. The Hon’ble Supreme Court in case of GKN driveshaft India Ltd versus ITO. [2002 (11) TMI 7 - SUPREME Court] has provided guidelines that reasons must be provided within reasonable time. We are of the opinion that Ld. assessing officer has not provided the reasons to the assessee within reasonable time but only at the fag end of the assessment proceedings. Furthermore, the Hon’ble Supreme Court has further guided that only after disposing of the objections of the assessee with respect to the reopening of the assessment, the assessing officer shall proceed for reassessment. In the present case, the assessment proceedings were already completed before providing the correct reasons to the assessee. In view of this, we do not have any hesitation in holding that reassessment proceedings are invalid. - Decided in favour of assessee.
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