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2010 (3) TMI 317 - HC - Income TaxReassessment- a notice issued under section 148 of the Income-tax Act, 1961, an assessment for the assessment year 2004-05 is sought to be reopened on the ground that income chargeable to tax has escaped assessment within the meaning of section 147. Firstly, according to the Additional Commissioner of Income Tax, the assessee had written off a long term capital loss of Rs. 11.14 crores from the sale of certain land. Secondly Assessing Officer added back, after disallowing, an amount of Rs. 64.62 lakhs on account of depreciation on obsolete assets which was worked out at the rate of 20 %. Held that- (i) No tangible material was shown on the basis of which the assessment was sought to be reopened. The reassessment on this ground is not valid. (ii) The reason that had been furnished by the Assessing officer while reopening the assessment did not even advert thereto. The reassessment on this ground is not valid.
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