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2018 (10) TMI 1446 - ITAT COCHINReopening of assessment - validity of reasons to believe - no return of income was filed - allotment of new pan - Held that:- It is only subsequent to the filing of the return of income, the new PAN was allotted. Pursuant to the notice issued u/s 148, assessee made attempts to e-file its return of income for the assessment year 2006-2007, which was unsuccessful. The relevant screen-shot is attached as annexure A1 to the paper book. The assessee cannot be faulted that it had quoted the PAN AAJFS9814M, which was duly allotted by the Department and valid as on the date of filing of return of income (i.e. 29.11.2006). The returns of income were filed for assessment year 2006-2007 and earlier assessment years quoting the PAN AAJFS9814M. For the earlier assessment years, returns of income were duly accepted and the assessments were completed. It is not the case of AO that the return for the assessment year 2006-2007 was not filed at all. The assessee has duly paid the advance tax and also claimed TDS and self-assessment tax. The scrutiny notice u/s 143(2) was duly issued to the assessee quoting the old PAN. However, the scrutiny assessment got time barred and notice u/s 148 was issued for the sole reason that no return of income was filed for the assessment year 2006-2007. This reason stated for reopening the assessment is on wrong assumption of jurisdiction and not based on relevant material. CIT(A) was justified in cancelling the reassessment order passed u/s 144 r.w.s. 147. Consequently, the additions made in the reassessment does not survive and has been rightly deleted by the CIT(A). - Decided in favour of assessee.
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