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2015 (12) TMI 1674 - ITAT MUMBAIReopening of assessment - audit objection raised by Income Tax Revenue Audit Officer (ITRAO) relied upon - Held that:- The return of income was filed on 3.10.2003 showing income before set off of brought forward unabsorbed depreciation allowance at ₹ 6,12,417/- and after set off of brought forward unabsorbed depreciation allowance at Rs. Nil, the tax was levied. Thereafter an objection was raised by the ITRAO on 11.2.2005 which was replied by the Assessing Officer on 18.10.2005 and thereafter notice u/s. 148 was issued on 19.1.2007 i.e. just before expiry of four years. Which shows that callous act on the part of the Assessing Officer to issue notice just before the expiry of the four years, that too, when the entire material was before the Assessing Officer and all those facts were disclosed before the Assessing Officer i.e. on 3.10.2003 itself and there is no explanation on the part of the Assessing Officer as to why it take approximately four years to issue notice u/s. 148 of the Act and more particularly when there was no new tangible material in formation of belief. We have found upon the entirety of the facts in the present case that there was a gross ‘omission’ or ‘lapse’ on the part of the Assessing Officer who was having material before him since 3.10.2003 but just before the expiry of four years, all of sudden notice u/s. 148 regarding reopening of assessment has been issued without any new tangible material.- Decided in favour of assessee.
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