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2019 (4) TMI 1905 - AT - Income TaxReopening of assessment u/s 147 - Bogus Client Code Modification - validity of reasons to believe - HELD THAT:- No material which has been brought out in the recorded reasons to show that Client Code Modification in the instant case was malafide or the assessee received in cash in lieu of the said Client Code Modification. Thus, the above recording at best is a reason to suspect only. It is an established position of law that the validity of reopening is to be decided on the basis of recording made u/s 148(2) of the Act alone and nothing can be added thereto. The recording should be self contained to withstand the validity of the reopening made. Respectfully following the decision in the case of Coronation Agro Industries Ltd. Vs DCIT [2017 (1) TMI 904 - BOMBAY HIGH COURT] in our considered opinion, the reasons recorded in the instant case does not satisfy the requirement of law and the same does not constitute the reason to believe for escapement of any income from tax. Therefore, the reason is not valid. The consequential order of reassessment passed in pursuance thereto cannot be sustained. We, therefore, set aside the impugned order of reassessment passed u/s 147 of the Act and allow this ground of appeal of the assessee.
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