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2004 (7) TMI 20 - RAJASTHAN HIGH COURTWhether the existence of 'reason to believe' which is sine qua non for validity of initiating reassessment proceedings u/s 147/148, can be solely established by the testimony of a hostile witness examined at the back of the assessee which is contrary to the evidence on record - Whether the finding that the appellant had no materials to lease is so contradictory to the accepted position that the appellant was actually assessed on rental income for five years derived from the leasing of the very material, that it stands vitiated by itself? - In such cases, the AO should depute his inspector and make a detailed enquiry by visiting the places and contact the concerned persons and then submit a report regarding genuineness of the transaction. If the assessee so desires, he can cross-examine the inspector and thereafter a fresh view should be taken regarding genuineness of the transaction.
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