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2014 (2) TMI 660 - HC - Income TaxReopening of Assessment - Whether there was a reasonable belief on the part of the Assessing officer to come to a prima facie view that the income chargeable to tax has escaped assessment – Held that:- The notice dated 28 September 2012 seeks to reopen assessment beyond the period of 4 years i.e. beyond the period of four years from assessment year 2007-08 – assessee contended that that the loan transaction has in fact been reflected in their financial statement as margin money which they had received from its directors and their family members while carrying on its business of share and stock broker - this contention is being made for the first time as in their objections to the reasons for reopening filed on 5 November 2012 the petitioner did not state that the loan amount mentioned in the reasons for reopening is nothing but margin money which stands reflected as margin deposits in Schedule 8 of the balance sheet. It is not open to the assessee to urge fresh objections before the Court which the Assessing Officer had no occasion to deal with, unless of course the notice to reopen is exfacie without jurisdiction not requiring consideration of any argument such as beyond limitation – thus, there was substance in the contention of revenue that the Assessing Officer had tangible material to come to prima facie view that income chargeable to tax has escaped assessment – thus, There was no reason to interfere with the notice issued to the petitioner under Section 148 of the Act – Decided against Assessee.
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