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2016 (2) TMI 1242 - AT - Income TaxAddition u/s 68 - Addition to share application money as unexplained cash credits - Addition of commission paid from undisclosed sources - HELD THAT:- We are of the view that AO has not applied his mind so as to come to an independent conclusion that he has reason to believe that income has escaped during the year. In our view the reasons are vague and are not based on any tangible material as well as are not acceptable in the eyes of law. AO has mechanically issued notice u/s. 148 on the basis of information allegedly received by him from the Directorate of Income Tax (Investigation), New Delhi. Keeping in view of the facts and circumstances of the present case and the case law applicable in the case of the assessee, we are of the considered view that the reopening in the case of the assessee for the asstt. Year in dispute is bad in law and deserves to be quashed. Similar and identical to the issue involved in the present appeal and is squarely covered by the aforesaid decisions in the case of G&G Pharma [2015 (10) TMI 754 - DELHI HIGH COURT]. Legal issue in dispute in favor of the Assessee and against the Revenue and accordingly quash the reassessment proceedings. Since we have quashed the reassessment proceedings, as aforesaid, the other issues are not being dealt with. - Appeal filed by the Revenue stand dismissed.
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