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2004 (4) TMI 61 - ALLAHABAD HIGH COURT
Validity of notice u/s 148 – suppression of income – sale of shares - petitioner has cleverly shown his undisclosed income under the head "Long-term capital gain" which is assessed at 10 per cent., which is a special rate, although the income of the petitioner should be shown under the head "Income from other sources" and was to be taxed at the normal rate. - In view of the investigation made by the investigation wing of the Department, relevant and very material facts have come before respondent that the petitioner was concealing his income by indulging in bogus transactions - held that the proceedings under section 148 by the Assessing Officer had been validly initiated