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2018 (11) TMI 1837 - HC - Income TaxReopening of assessment u/s 147 - assessee has received total share capital from two Kolkata based shell companies - HELD THAT:- As pointed out that the amounts received from both the companies was ₹ 10,00,000/- each and not ₹ 20,00,000/-. It was also pointed out that in assessment year 2010-11 there was scrutiny assessment under section 143 (3) and the share application money received from the said companies has been accepted as genuine after due verification in scrutiny assessment of the year in which these amounts were received. As submitted that therefore the assessing officer has proceeded on a factually incorrect premise and that on the basis of the reasons recorded, the assessing officer could not have formed the requisite belief that income chargeable to the tax has escaped assessment for the year under consideration. It was submitted that therefore, in the absence of the assessing officer having formed a requisite belief, the assumption of jurisdiction under section 147 of the Act is without authority of law. Having regard to the submissions advanced by the learned advocate for the petitioner, issue NOTICE returnable on 7.1.2019. By way of ad-interim relief, the respondent is permitted to proceed further pursuant to the impugned notice; he, however, shall not pass the final order without the permission of this Court.
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