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2005 (6) TMI 256 - AT - Income TaxExtract: .......der s. 147 of the Act were initiated merely on audit objection. In view of the above discussions and the facts and circumstances of the case, we are of the considered opinion that reassessment under s. 147/148 of the Act is bad in law. Accordingly, the orders of the lower authorities are quashed. 13. In the result, the assessee s appeal is allowed.
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