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2009 (8) TMI 557 - HC - Income TaxReassessment- The petitioner submitted its return u/s 139 but later he submitted revised return disclosing a lower income. The reduction of income was due to decrease in the value of the stock in trade of R which was amalgamated with the petitioner. The assessing officer issued a notice under section 154. The proceeding for rectification were dropped later. Subsequently, a notice for reassessment was issued for the same reasons. Held that- (i) the writ petition was maintainable. Moreover in this case, where the writ petition had been entertained and kept pending for about six years and directions issued for filing of affidavits, the court was not inclined to decline relief only on the ground of existence of an alternative remedy. (ii) the reassessment notice issued virtually the same reason for which rectification proceedings had earlier been initiated but dropped. The Assessing officer had not disclosed any new material for reopening the assessment. The notice for the assessment was not valid and was liable to be quashed.
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