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2024 (2) TMI 343 - MADRAS HIGH COURTReopening of assessment u/s 147 - invocation of machinery under Section 148A(b) as time barred - as submitted escapement of income as per Section 50C read with second proviso is more than 50 lakhs and that the AO was well within the ambit of law while he exercised the jurisdictional powers vested upon him u/s 148 & 149 before issuing the notice u/s 148 and hence prayed for dismissal of the writ petition. HELD THAT:- Although, elaborate submission was made by the petitioner on merits on the strength of proviso to Section 50(C) of the Income Tax Act, 1961, the fact remains that the petitioner had not filed the regular return u/s 139 of the Income Tax Act, 1961 for the assessment year 2016-17. Whether the petitioner is entitled to the relief based on the points raised before this Court is capable of being decided by the Assessing Officer, as admittedly no regular Returns of Income was filed by the petitioner. Even, if the petitioner may have a case for dropping of the proposed proceedings it is better for the petitioner to file a proper reply to the notice issued u/s 148 as there is no previous history of any proceeding under Income Tax Act, 1961. Therefore, this Writ Petition has to fail. AO is therefore directed to take into consideration of all the relevant facts before proceedings to conclude whether any income had escaped Assessment for the AY 2016-2017. It is expected that the AO shall pass appropriate orders, within a period of three months from the date of receipt of a copy of this order.
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