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Reopening of assessment

..... iting, reopen a case for reassessment, if he has reason to believe that any tax base liable to tax has escaped assessment for the relevant financial year. (2) The Assessing Officer shall, for reopening a case, serve on the assessee a notice requiring him to furnish, within thirty days, a return of tax bases for any financial year. (3) The notice issued under sub-section (2) shall specify the reasons for reopening the case. (4) The tax base liable to tax shall be deemed to have escaped assessment in the following cases, namely:- (a) where the tax base for the relevant financial year exceeds the maximum amount not liable to tax but,- (i) the return of the tax base has not been furnished; (ii) no notice has been issued under section 151 or sec .....

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..... of the assessment, by an authority to whom the Assessing Officer is subordinate;or (viii)any objection has been raised, or observation made, by the Comptroller and Auditor General of India to the effect that the assessment has not been made in accordance with the provisions of this Code or the Income-tax Act, 1961; (d) where search and seizure operation has been carried out under section 139, or material has been obtained in pursuance to a requisition under section 140, in the case of the person; (e) where any material which has been seized, or obtained in pursuance to a requisition, has a bearing on the determination of the tax bases of a person other than the person referred to in clause (d). (5) The person in receipt of notice issued un .....

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..... eding relating to any financial year falling within the period of seven financial years referred to in sub-section (6) shall abate if it is pending on the date of the initiation of the search, or on the date of obtaining the material, as the case may be. (10) The provisions of this section shall also apply in the case of any other person, as if a search and seizure operation has been carried out under section 139 in his case, if any material which has a bearing on the determination of the tax bases of such other person, has been- (a) seized in the course of search and seizure under section 139 in the case of the person referred to in clause (d) of sub-section (4); or (b) obtained in pursuance to the requisition under section 140 in the case .....

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