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2017 (12) TMI 585 - HC - Income TaxReopening of assessment - reason to believe - Held that:- The reassessment proceedings initiated against the petitioner for the Assessment Year 2009-10 are barred on two counts i.e. for non-compliance of the first proviso of Section 147; also no tangible material exists in support of the belief recorded by the Assessing Officer that income had escaped assessment. Consequently, 'reason' (to be formed by the assessing authority) that is a sine-qua-non as to the 'belief' of escapement has also to be held to be lacking or non-existent as unless there exists 'tangible material' no 'reason' may arise at all. Therefore, the jurisdictional requirement of section 147 has not been shown to exist or established - Decided in favour of assessee.
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