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2011 (12) TMI 297 - HC - Income TaxUnaccounted Cash seized - Notice under 142(1) - Held That:- Section 175 read with Section 174(3) of the Act cannot be sustained on account of there being no prima facie consideration or satisfaction of the assessing officer that the assessee is likely to transfer property to avoid tax; which is a pre-requisite to create the charge of income tax on the income of the current year as provided under Section 175 and also for the absence of any notice under Section 174(4); as again specifically provided under Section 175. In the circumstances, Exhibit P4 revisional order as well as Exhibit P1 assessment order are set aside. Decided in favour of assessee.
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