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2022 (2) TMI 274 - AT - Income TaxReopening of assessment u/s 147 - Period of limitation - Notice beyond the period of four years from the end of the relevant assessment as barred by limitation - HELD THAT:- As notice issued is time-barred - on a proper construction of sec 297(2)(d)(ii) of the new Act, the ITO cannot issue a notice under s. 148 in order to reopen the assessment of an assessee in a case where the right to reopen the assessment was barred under the old Act at the date when the new Act came into force - thus we find that the notice issued in the case of the assessee is time-barred and same is not valid. Therefore we don't find any infirmity in the decision of learned CIT(A) and accordingly the appeal of the Revenue stand dismissed. Income already offered made protective again in the case of the assessee - HELD THAT:- As interest income from the bank account which has already been shown by the son of Shri Ravichandra V. Mehta to whom the account belonged cannot be added in the income of Shri Ravichandra V. Mehta. Addition of interest income of the foreign bank on estimated bases at the rate of 10% on protective basis and substantive addition was made in the hand of father of the assessee Shiri Ravichandra V. Mehta - HELD THAT:- AO has not given any basis to compute the interest income on estimated bases at the rate of 10% is without disproving the facts and material furnished by the assessee, therefore the action of the learned CIT(A) is not justified which is also demonstrated from the dissatisfaction of the learned CIT(A) shown on the action of the assessing officer as elaborated above in this order. Therefore this appeal of the assessee is allowed.
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