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2015 (7) TMI 1281 - HC - Income TaxReopening of the assessment u/s 147 - suppression of sales - Held that:- Entire sale transaction cannot be taken as income. By the impugned notice though the department has subjected GP at the rate of 26.10% on the suppressed sale transaction, now, the entire suppressed sale transaction is sought to be brought under the net of income tax, which is not permissible. In view of this settled legal propositions, we are of the opinion that the respondent could not have issued impugned notice to the petitioner subject to suppressed sale transaction to income. In our opinion, impugned notice is inherently illegal and invalid and, therefore, it cannot be sustained for the aforesaid reasons - Decided in favour of assessee.
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