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2002 (4) TMI 10 - RAJASTHAN HIGH COURTReassessment notice - Profit - reason to believe –It cannot therefore be said that notice is based on suspicion or gossip. May be such presumption is provided for turnover up to Rs. 40 lakhs. But as and when, there is a turnover exceeding Rs. 40 lakhs, it cannot be expected that profit would show a diminishing trend. - If the Assessing Officer has stated in the reasons that the profit ranges from 8 per cent, to 12 per cent., then it is not gossip but is in the line of statutory provision. - reassessment notice has rightly been issued - Assessing Officer had reasons to believe to initiate proceedings
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