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2014 (11) TMI 1037 - AT - Income TaxReopening of assessment - transaction of shares - accommodation entries - Held that:- At the time of hearing before us, it was pointed out by the learned counsel that the assessee was having 50,000 shares of ₹ 10/- each and the said shares were sold at cost to M/s Shimmer Marketing Pvt. Ltd. and the sum of ₹ 5 lakhs has been received as a sale consideration of shares which were already disclosed in the assessee’s books of account. The purchase of shares as well as sale of shares both have been disclosed in the assessee’s books of account and it has not generated either any profit or loss in the books of account nor any additional flow of capital in the assessee’s books of account. These facts stated by the learned counsel could not be controverted by the Revenue. Thus we hold that the reopening of assessment under Section 148 on the above facts was not justified. We, therefore, quash the issue of notice under Section 148 and consequently, the assessment order passed in pursuance to such notice is also quashed. - Decided in favour of assessee
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