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2015 (3) TMI 499 - HC - Income TaxReopening of assessment - notice dated 31st March, 2014 challenged seeks to re-open the assessment for the Assessment Year 2009-10 - bring to tax the share premium received by the Petitioner on issue of shares to its non-resident holding company - Held that:- Issue arising in the present Petition namely seeking to bring to tax the share premium received by the Petitioner on issue of shares to its non-resident holding company stands covered by the decision of this Court in Vodafone India Services (P.) Ltd. (2014 (10) TMI 278 - BOMBAY HIGH COURT) in favour of the Petitioner wherein held there can be no reason to believe that income chargeable to tax has escaped assessment. Submission of Revenue that powers of re-opening within a period of four years from the end of assessment year is very wide ignores the fact that even in cases of less than four years, there must be reason to believe that income chargeable to tax has escaped assessment. In the absence of condition precedent under Section 147 of the Act being satisfied, no notice for re-opening of an assessment can be sustained. - Decided in favour of assessee.
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