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2007 (10) TMI 241 - HC - Income TaxReassessment notice u/s 148 - petitioner is in the business of manufacturing of ball pens and refills as also ink - Assessing Officer has merely proceeded on surmises and conjectures - has not taken into consideration that out of the raw materials ink had been produced and also has not taken into consideration the waste in production of ink as also in filling of the refills – hence reopening of assessment mere on basis of estimation (based on statement u/s 132(4)) is not justified
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