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2017 (2) TMI 119 - ALLAHABAD HIGH COURTValidity of notice under Section 147/148 - Held that:- In the present case, it is not an investment, which is sought to be enquired or made basis for reopening of assessment but the source of money since it was not disclosed and did not form part of record on the basis whereof assessment was made, hence a new material, and show that the amount constitute escaped income and that would justify reassessment proceeding and issue of notice under Section 148 of Act, 1961. It is not a change of opinion but there is substantive material available before the Assessing Authority justifying proceedings of reassessment under Section 147, and, therefore, notice issued under Section 148 cannot be said to be illegal or without jurisdiction. The argument advanced otherwise is invalid and rejected. In the facts and circumstances of the case in hand, we do not find any illegality in issuing notice by Assessing Office under Section 147/148 of Act, 1961 and the notice issued is just and valid. - Decided in favour of Revenue and against Assessee.
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