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2012 (7) TMI 172 - AT - Income TaxValidity of reasons for reopening of assessment - assessee contested that CIT(A) confirmed the order of AO in bringing to tax a sum as long-term capital gains as against Nil declared by assessee ignoring the provisions of S.54 without offering the "reasons recorded" - Held that:- Perusing the alleged 'reasons recorded' by the AO it is clearly written that "hence notice under Section 148 was issued on 10-2-2000 to ascertain details of the aforesaid facts and was served on 14-2-2000", abundantly shows that the date of issuance and service of notice has been mentioned in the 'reasons' itself, which, inter alia, means that "reasons" were not recorded prior to issuance of notice under Section 148 i.e. 10-2-2000. Nothing has been brought on the record to contradict that these are not the "reasons recorded." It was after a gap of almost 11 years that so-called 'reasons' have been provided and that to when the assessee had to approach the ITAT twice to get the direction for providing the "reasons recorded" - ITAT had specifically directed the Assessing Officer to provide "reasons recorded" and decide the issue afresh which was grossly violated - notice had already been issued and served upon the assessee prior to the recording of reasons, the entire proceedings initiated under Section 148 has no legs to stand - decided in favour of assessee.
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