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2015 (10) TMI 1767 - HC - Income TaxReopening of assessment - notice under section 148 issued beyond a period of four years from the end of the relevant assessment year - petitioner has withdrawn ₹ 2,54,00,000/- from the bank accounts maintained by it in cash and has not explained the utilisation thereof - Held that:- The sole basis for reopening the assessment is that the petitioner assessee has withdrawn an amount of ₹ 2,54,00,000/- in cash and has not explained the utilisation. Thus, cash withdrawals from bank accounts maintained by the assessee have been termed as escapement of income by the Assessing Officer. One fails to comprehend as to how the cash withdrawals from accounts maintained by the assessee can be said to amount to escapement of income within the meaning of section 147 of the Act, as stated by the Assessing Officer, when it is not the case of the Assessing Officer that the amount deposited by the assessee in its bank accounts is undisclosed income. - Decided in favour of assessee.
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