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TMI Blog2013 (12) TMI 1162X X X X Extracts X X X X X X X X Extracts X X X X ..... h Chandra And Hon'ble B. Amit Sthalekar,JJ. For the Appellant : Prakash Krishna,A. Kumar,A. N. Mahajan,B. J. Agarwal,D. Awasthi,G. Krishna,R.K. Upadhyay,S.Chopra For the Respondent : Ashish Agrawal ORDER The present appeals have been filed by the Department under Section 260A of the Income Tax Act, 1961 against the consolidated judgment and order dated 16.04.2000, passed by the Income Tax A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,75,940/- 1993-94 2,70,210/- 1994-95 3,75,330/- 1995-96 3,76,640/- Before the CIT(A), the assessee has raised the objection regarding the validity of the proceedings under Section 147 of the Act. But, the CIT(A) has rejected the same. However, the Tribunal has accepted the contention of the assessee and the assessment was quashed on the basis of the validity of the service under Section 148 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ings u/s. 147 can be initiated only within a period of four years. (II) In any other case, the A.O. must have reason to believe that income chargeable to tax has escaped assessment. The proceeding u/s. 147 in such cases can, however, be initiated within the different periods depending on the quantum of escaped income." The aforesaid conditions are applicable after 01.04.1989 but fact remains tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bove conditions that the initiation of the proceedings u/s. 147 can be said to have been validly initiated i.e. assumption of jurisdiction by the ITO to proceed u/s. 147 can be said to be in accordance with law. In the instant case, the Tribunal observed that the mandatory conditions were not fulfilled in the instant appeals. Needless to mention that the Tribunal is a final fact finding authorit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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