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2010 (9) TMI 752 - HC - Income TaxPenalty - Income escaping assessment - It was on the premise that the assessee had filed the Income-tax return only till the assessment year 1993-94 and thereafter, she had not filed the return - It has held that the very notice issued under section 148 of the Act was illegal and thus quashed the assessment on this ground - It is an admitted case that during the search no books of account or documents or money or bullion or jewellery or any other valuable articles or things were found - there was no particulars coming forward namely who are the dummy subscribers, whether shares from the so-called dummy subscribers were transferred in the name of the assessee or assessee remains the benami owners thereof and is in the control and possession of those shares etc - This is even not recorded in the 'Reasons to Believe' by the Assessing Officer - Appeal are accordingly dismissed
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