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2022 (5) TMI 247 - HC - Income TaxReopening of assessment u/s 147 - payment received by the appellant from two companies as compensation for cancellation of agreements for non-compete / non-solicitation and termination of related rights - HELD THAT:- The said amount has been taxed during the assessment year 2005-2006, which has also been accepted by the respondent / assessing authority by assessment order dated 14.12.2007. Without considering the same, the respondent reopened the assessment, stating that the appellant failed to truly and fully disclose the material particulars at the time of passing the order of assessment. The learned Judge also, directed the respondent to pass re-assessment order, in accordance with law. Having regard to the above stated position, this court, in order to provide an opportunity to the appellant and also in the interest of justice, is inclined to set aside the order of the learned Judge in the writ petition as well as the order of the respondent rejecting the objection filed by the appellant for reopening the assessment and are acco6rdingly set aside, in the following terms: (i) The appellant is directed to submit all the material evidence along with additional objection meeting out the proposal raised by the respondent/Assessing Authority for reopening the assessment under Section 148 of the Act, before the respondent, within a period of two weeks from the date of receipt of a copy of this judgment. (ii) On receipt of such material evidence and additional objection, the respondent is directed to consider the same and pass appropriate orders on merits and in accordance with law, within a period of two weeks thereafter.
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