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2009 (11) TMI 30 - HC - Income TaxDealing in Shares – Re assessment - Capital Assets versus Business Assets – held that - the ITAT has stated that it is the distorted reading of the order of the CIT(A) passed in those block assessment proceedings. We agree with this observation of the Income Tax Appellate Tribunal. Reading of the order of the CIT(A) in block assessment proceedings clearly demonstrates that the CIT(A) held that stocks were rightly shown by the assessee as investment in his books of accounts which could not be treated as stock-in-trade. We are of the opinion that in view of this categorical finding of the CIT(A) in block assessment proceedings which had attained finality, notice under Section 148 predicated on the same ground was impermissible. - In view of the order of the CIT(A) which was even upheld by the Tribunal it was not open to the A.O. to re-open the proceedings under Section 148, on the ground which had been dealt with specifically and decided in favour of the assessee. - It is trite law that even where two views are possible, proceedings under Section 148 cannot initiated
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