Dismissing the petition the Court held that on the facts and circumstances established, the assessee had to participate in the reassessment proceedings under section\u00a0147\u00a0by submitting its documents and evidence to establish its case. After merger with effect from April 1, 2009 both the offices, HCLP and HCLC, were running in the same premises. Further, the acknowledgment of the notice issued by the Assistant Commissioner had not been disputed by the assessee. Therefore, section\u00a0170(2)\u00a0would be applicable and such ground could not be considered for the purpose of quashing the entire proceedings initiated under section\u00a0147. Even on the merits, the Assistant Commissioner had established that there was \u201creason to believe\u201d in view of certain new materials found in the matter of purchased units of mutual funds. This could not establish any acceptable reason for the purpose of assailing the notice issued under section\u00a0148. (AY. 2005-06)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 148 : Reassessment-Notice-Amalgamation of companies-Amalgamating company and amalgamated company operating from same address after amalgamation-Provision of Section 170(2) applicable-Participated in the reassessment proceedings-Notice and reassessment proceedings valid. [S. 147, 170(2), Art. 226]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-21090","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-5ua","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/21090","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=21090"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/21090\/revisions"}],"predecessor-version":[{"id":22494,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/21090\/revisions\/22494"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=21090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=21090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=21090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}