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2010 (6) TMI 282 - HC - Income TaxReassessment- in consequence of or to give effect to any finding or direction contained in an order passed by any authority in any proceeding under the Income-tax Act by way of appeal, reference or revision, the time limits prescribed in section 149 shall not apply- Assessee's income for the A.Y 1983-84 escaped assessment. The A.O issued notice u/s 148 wrongly assessing that income for the A.Y 1984-85. Commissioner (Appeals) allowed the appeal holding that the long- term capital gain arising on the sale was liable to be taxed in the assess- ment year 1983-84 and not 1984-85 and accordingly deleted the addition. Now the AO issued order u/s 148 for the A.Y 1983-84. The assessee contended that now the order was time barred. Held:- the case at hand clearly falls within the ambit of the pro- visions of section 150 as well as section 153(3)(ii) read with Explanation 2 to section 153 of the Act and as such there is no infirmity in the action of the respondent in initiating the reassessment proceedings.
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