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2024 (5) TMI 105 - BOMBAY HIGH COURTValidity of reopening of assessment - During the pendency of first reassessment proceedings, Petitioner received another notice u/s 148A(b) once again, alleging escapement of income - HELD THAT:- In absence of information in the notice issued u/s 148A(b) of the Act with regard to the first two items mentioned in the order u/s 148A(d) of the Act [i.e., (i), Purchase of shares by related PAN of penny stock of EML and GBFL Limited and (ii) Sale of shares by related PAN of penny stock of EML and GBFL Ltd] and the fact that assessment orders have already been passed with regard to those two items and item 2 includes item 1 mentioned above, also clearly indicates total non-application of mind by the Assessing Officer (“AO”) as also by the Principal Chief Commissioner of Income Tax (“PCCIT”), who has granted the approval u/s 151. Such an order has been passed without referring to first two items in the notice that was issued under Section 148A(b) of the Act. Decided in favour of assessee.
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