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2009 (9) TMI 572 - HC - Income TaxReassessment proceedings – validity of assessment u/s 147 - reversal of the assessment order already passed on consideration of the materials on record – Held that: - Reading of the orders reveal the reason, i.e., the assessee has reflected the transport subsidies received by him in the reserve and surplus account and not in the profit and loss account in the relevant assessment years, which had resulted in escapement of assessment. The Assessing Officer took into consideration the relevant materials and did not take the decision on irrelevant or irrational materials. The Assessing Officer, at this stage, is not required to finally ascertain the facts by legal evidence, which stage shall come thereafter and not at the stage of formation of belief, within the meaning of section 147 of the Act. In the instant cases, it is not in dispute that the action under section 147 of the Act has been taken within the time allowed. The first proviso to section 147, therefore, is not applicable in the cases in hand – Order of ITAT set aside – assessment proceedings u/s 147 valid – decided in favor of revenue
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