Assistant Commissioner Of Income Tax vs Meghraj Golecha
Whether reassessment proceedings under section 147/148 could be validly initiated when earlier assessment proceedings set aside by CIT(A) were pending and time-barred --- Held No, but the Tribunal applied amended law effective from 1 April 1989, which removed restrictions, allowing reassessment if AO had reason to believe income escaped assessment, regardless of pending proceedings or time-bar, thus validating the notices.
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