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2018 (1) TMI 584 - AT - Income TaxProceedings under 153A - G.P. determination - enhancement of GP rate - Settlement Commission empowered to reopen the completed proceedings- Held that:- No doubt that the assessment proceeding relevant to the Ass. Year 2004 related to the assessee was completed and not specifically reopened by the Settlement Commission by giving any reason, however, according to Sec.245E, before 1st Day of June, 2007, the Settlement Commission was fully empowered to reopen the completed proceedings, as in the instant case the assessment proceeding was completed only on 18.12.2006 which is clearly before the 1st day of June, 2007 and therefore could by subjected to the power of the settlement commission. We are of the considered view, although no specific reasons have been given and the proceeding relevant to assessment year 2004-05 was not reopened, however, the same was taken into consideration by the settlement commission and order dated 26.09.2013 was passed, which was supplemented by the order dated 07.03.2014 covering the assessment order under appeal qua A.Y. 2004-05 and while giving effect to the said order passed by the Settlement Commission, the Ld. DCIT has already passed an order u/s 153A r.w.Sec.245D (iv) of the I.T. Act 1961, therefore, we are of the considered opinion, keeping in view of the mandates of the Sec.245-C, 245E and 245-I and in order to end the litigation, impugned order under challenge passed by the Ld. CIT(A) is liable to be set aside .
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