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2024 (5) TMI 642 - ITAT MUMBAIReopening of assessment - notice u/s 148 issued beyond the period of four years - As per assessee AO has not recorded a belief that income escaped was more than Rs. 1,00,000/-, which was required u/s 149(1)(b) - HELD THAT:- Assessing officer was required to record that income escaped was more than Rs. one lakh but in copy of the reasons recorded provided to the assessee, the Assessing Officer has not complied with the mandatory condition of tax effect involved being more than Rs. 1,00,000/-. As in the case of Hindustan Unilever ltd in [2021 (10) TMI 466 - BOMBAY HIGH COURT] held the assessing officer has to specifically point out the failure on the part of the assessee in disclosing all the material facts and in absence therefore , reassessment proceedings is invalid in law. In instant case also in absence of any such satisfaction in the reasons recorded, the assessment proceedings are void ab-initio, therefore, same are quashed. The appeal of the assessee is accordingly allowed.
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