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2008 (3) TMI 49 - HC - Income TaxAssessing Officer has initiated the re-assessment proceedings u/s 147 and 148 within the prescribed period of limitation but the same were initiated only to circumvent the earlier order of the Tribunal vide which the assessment dated 14.2.2003 was held to be time barred. Thus, the Assessing Officer cannot be allowed to initiate fresh proceedings on identical facts as the first assessment proceedings had failed to result in a valid assessment due to lapse on the part of the Income-Tax Authority.
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