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2006 (8) TMI 146 - HC - Income TaxNotice u/s 148 – whether the reopening of the assessment for the AY 1992-93 is justified or not. Admittedly, in the assessment order for the assessment year 1993-94 the Assessing Officer has held that the sale of shares as per the agreement dated January 3, 1992, took place on January 3, 1992, itself and the capital gains in respect thereof are leviable in the assessment year 1992-93. Admittedly, the issue regarding the capital gains arising from the sale of shares pursuant to the agreement dated January 3, 1992, was neither raised nor discussed in the assessment order for the AY 1992-93. It is well established in law that the assessments can be reopened on the basis of the information contained in the assessment for subsequent years. Therefore, reopening the assessment based on the assessment order for the AY 1993-94, wherein it is held that the relationship of 100 per cent. holding subsidiary company was acquired with the only intention of evading the capital gains tax cannot be faulted - fact that the assessment order for the assessment year 1993-94 is pending before the appellate authority is wholly irrelevant for the purpose of reopening the assessment – petition of assessee is dismissed
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