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2018 (9) TMI 352 - HC - Income TaxReopening of assessment - eligibility of reason to believe - escaped assessment amounts to, or is likely to be ₹ 1,00,000/- or more - Held that:- The reasons assigned by the respondent No.1 for invoking Section 147 of the Act do not specify that the escaped assessment amounts to or is likely to amount to ₹ 1,00,000/- or more for the relevant assessment year as evinced from the reasons placed on record by the petitioner before the Court. Section 151(1) provides that no notice shall be issued under Section 148 of the Act by an Assessing Officer, after the expiry of a period of four years from the end of the relevant assessment year, unless the Principal Chief Commissioner of Chief Commissioner or Principal Commissioner or Commissioner is satisfied, on the reasons recorded by the Assessing Officer, that it is a fit case for the issue of such notice. It is mandatory for the Assessing Officer in his reasons recorded, to state that the escaped assessment amounts to, or is likely to be ₹ 1,00,000/- or more, to bring it within the ambit of Section 149(1)(b) of the Act. The mandatory requirement of Section 149(1)(b) of the Act is not complied with. Hence, the assumption of jurisdiction by respondent No.1 under Section 147 of the Act is untenable - Decided in favour of assessee
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