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2008 (2) TMI 309 - BOMBAY HIGH COURTAssessee procuring steel from SAIL & storing the same till it was necessary for dispatch to the destination – on basis of statement of third party, notice of reassessment was issue to petitioners on ground that raw material procured from SAIL for actual use was sold for cash in the open market in unaccounted terms – not proved that petitioners had allowed the two bogus firms – statement of that third party not proved by any evidence – notice u/s 147 is invalid
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