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2013 (5) TMI 333 - HC - Income TaxRe opening of assessment - assessees & his family members were alleged to be involved in fake sale of rock phosphate which is raw material needed for manufacturing SSP to obtain the subsidy from the Govt. of India @ 500 to 700 per M.T. - Held that:- A bare perusal of the reasons recorded show that the basis of re-assessment proceeding is the statement of Sri Jugual Kishore Soni who in his statement has not named the petitioner as one of the purchasers of Rock Phosphate from him but has stated to be issuing fake bills to nine firms with two out of which assessee happens to have dealings. There is no material to connect the petitioner with Sri Jugual Kishore Soni to form an opinion that the income of the petitioner has escaped assessment. It is not the case of the Department that two purchasers to whom Rock Phosphate was allegedly supplied by Sri Jugual Kishore Soni through fake bills & assessee happens to have dealings had not purchased Rock Phosphate from any other person. The reasons recorded by the authority concerned has no nexus to form an opinion that the income of the petitioner has escaped assessment. In favour of assessee.
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