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2013 (3) TMI 35 - HC - Income TaxReopening of assessment - addition of Rs 77 lakhs receive from other companies on account of amount having allegedly escaped assessment - Held that:- On going through the purported reasons there is no mention of the respondent-assessee not having made a full and true disclosure of the material facts necessary for assessment. On the contrary the purported reasons indicate that the amounts mentioned therein had been shown in the books of accounts as receipts from the companies mentioned therein. Also to note that at serial No.5 of the list of companies from which amounts have been allegedly received, the name of the assessee has been shown. This means that the assessee received the received money from itself, which can hardly be an allegation in this case. Thus the Tribunal has approached the matter in the correct perspective and has held the issuance of the notice under Section 148 to be bad in law and need to be set aside - in favour of assessee.
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