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2014 (3) TMI 773 - HC - Income TaxValidity of notice u/s 148 of the Act – Reopening of assessment – Held that:- The notice has been issued on 22 March 2013 seeking to reopen the assessment for assessment year 2006-07 - The reasons for reopening as well as the order dated 12 January 2014 proceed on the basis that the petitioner ought to have known that the company was contemplating buyback of its shares at Rs.251/per share and that this not sharing of information amount to suppression - This is merely an opinion/inference drawn not from any tangible material such as notice etc. but merely on the suspicion that the petitioner ought to have known - There is no tangible material to indicate that the petitioner had knowledge on the date when it sold 291 lacs shares to PSPL ESOP Management Trust at Rs.143/per share that there was to be a scheme of buyback of share at Rs.251/per share in the future - The allegation of suppression is made without any factual basis in support of the same. The present proceeding seeking to reopen an assessment for assessment year 2006-07 is without jurisdiction as there has been true and full disclosure of all material particulars necessary for assessment by the petitioner during the assessment proceeding leading to the assessment order dated 20 February 2008 for assessment year 2006-07 – thus, there is no reason to consider the petition's submission on merits that in view of Section 148 of the Act and the notice dated 26 March 2013 is exfacie unsustainable – thus, the notice u/s 148 of the Act set aside – Decided in favour of Assessee.
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