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2018 (2) TMI 2036 - HC - Income TaxReopening of assessment u/s 147 - Addition u/s 68 - bogus credits - HELD THAT:- At all stages the stand of the petitioner is that there was no transaction of ₹ 5 lacs from the said Brightsun Travin Private Limited in favour of the petitioner during the period under consideration. In fact, counsel for the petitioner pointed out that such transfer took place during the period relevant to the assessment year 2011-12. There is no answer from the Revenue on this contention of the petitioner. In the objections raised by the petitioner as well as in the present petition ,such a ground has been specifically taken. Revenue is unable to dislodge this factual contention. Revenue is unable even prima facie to point out that there was actually a transaction of transfer of fund of ₹ 5 lacs from Brightsun Travin Private Limited to the petitioner during the year under consideration. Thus, it is clear that the petitioner is correct in contending that the Assessing Officer has proceeded completely on wrong premise. When the reason itself is found to be erroneous and when this is the sole ground for reopening of the assessment, impugned notice must be quashed. - Decided in favour of assessee.
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