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2018 (5) TMI 1845 - HC - Income TaxReopening of assessment - information received from Investigation Wing of Kolkata making reference of shell companies which had given accommodation entries for share premium as assessee company as one of the beneficiary - proof of seeking mandatory sanction signed by the Principal Commissioner u/s 151 - correct date of notice - HELD THAT:- Undisputably, the reasons were recorded on 29-03-2017. The proposal for granting sanction was placed before the Principal Commissioner of Income Tax on 31-03-2017 on which date, he also granted necessary sanction. The notice was actually issued and dispatched in the later part of the day. We therefore have no reason to believe that such notice was issued and dispatched before the sanction was signed by the Principal Commissioner. One more reason to accept the respondent's explanation about the issuance date in the impugned notice is that as noted, it was only on 29-03-2017 that he was supplied full information about different shell companies under a communication by the Joint Commissioner of Income Tax, Range-I, Surat. This communication of course, refers to handing over certain papers to him on 27-03-2017. However, this has reference only to the list (of shell companies) and not the further information received from Investigation Wing of Kolkata. It was contained in the brief email which accompanied the said letter dated 29-03-2017. Thus, it seems highly unlikely that the Assessing Officer would have decided to issue notice even before full information was supplied to him. In absence of any rebuttal we have no reason to discard the statement of the respondent-Assessing Officer made on oath which even otherwise gets support from the original files, attendant circumstances and facts noted above. - decided against assessee.
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