1986 (6) TMI 83

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..... the learned Counsel for the assessee and the learned Departmental Representative and have perused the material placed before us. 3. The original assessment was completed in this case under section 143(3). One of the questions arising in that assessment was whether the assessee was entitled to exemption under section 80MM of the Income-tax Act, 1961 on the gross receipts or after adjusting the exp .....

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..... assessment as well as the reduction of relief under section 80MM. The learned Commissioner (Appeals) upheld the reopening of the assessment holding that the report of the internal audit was an information on the basis of which the assessment could be reopened. Regarding the reduction of the relief, the learned Commissioner (Appeals) held that the relief was admissible only with reference to the ne .....

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..... Tribunal, the assessment could the reopened under section 147(b) merely because the revenue did not agree with the decision of the AAC and the Tribunal. Reopening under section 147(b) is permissible if the ITO has information in his possession to believe that income chargeable to tax has escaped assessment. Information, however, cannot mean mere disagreement with the judgment of the Appellate Aut .....

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