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2024 (2) TMI 530 - ITAT DELHIReopening of assessment u/s 147 - notice beyond limitation of 4 years - re-opening of already concluded assessment - addition u/s 68 of the act as unexplained cash credits - HELD THAT:- We find that the entities from whom the assessee received the share application are the same which has been subject matter of Section 147 and the reasons recorded thereof in the year 2013 as well as in 2017. We find that the amount received from these five entities have been examined u/s 148 accepted under the order passed u/s 147/143(3) in 2014 and again reasons for reopening has been for the same reasons and for the same entities in 2017 also. There was no new information received by the Assessing Officer other than what has been received by the Directorate of Investigation in 2013. Hence, reopening of the case twice for the amount received from same entities, in the absence of any new material is construed as bad in law and hence the Assessment order is treated as void ab initio. Decided in favour of assessee.
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