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2010 (3) TMI 316 - HC - Income TaxReassessment- The petitioner who is a solicitor and advocate, was a partner of Little and Company. A notice was served on the assessee for re open the case u/s 147 and 148, on the ground under clause 35 of the deed of partnership, a partner who had retired voluntarily would not as long as continuing or surviving partners would carry on the business, solicit the clients of the firm for a period of three years from the date of his retirement. The Assessing Officer held that the amount was consequently liable to capital gain tax u/s 28(va). Held that- the jurisdiction to reopen the assessment was not validly exercised since the condition president laid down by the statute for reopening of an assessment beyond a period of 4 years of the expiry of the relevant assessment year had not been fulfilled. Allow the appeal.
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