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2014 (8) TMI 968 - HC - Income TaxConcealment of income - reopening of assessment - CBI had shared some information with the Income-tax Officer (ITO), on the basis of the said information the notice under section 148 was issued - petitioner filed a revision before the Commissioner under section 264 pleaded denial of proper opportunity before passing the best judgment assessment - Held that:- Letter for Scrutiny assessment evidently disclose that the assessing authority observed that information was received from the CBI and authenticity of the said documents was not available ; therefore, the petitioner has been called upon to furnish necessary information. The said averments does substantially corroborate the contention of the petitioner that the documents seized by the CBI and the said documents were out of the control of the petitioner, when the best judgment assessment was made, which is within couple of days after annexure F. The conduct of the petitioner in not filing the appeal and filing a revision may be a technical lapse wrong legal advice. The counsel for the petitioner submits that the substantial documents were out of control of the petitioner at the time when the best judgment assessment was passed but now he has secured necessary documents from the CBI. He is in a position to file return and explain his income and also the income of his wife. The best judgment assessment is thus set aside. It is just and proper that an opportunity should be given to the petitioner to file return to the assessing authority and assessment to be made on the merits. It is directed that the status quo order of seizure and seized articles shall be maintained subject to the result of the orders passed by the assessing authority. - Decided partly in favour of assessee.
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