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2022 (5) TMI 1434 - HC - Income TaxReopening of assessment u/s 147 - unexplained cash deposits - Whether assessing authority has recorded reasons to believe based on relevant materiel in his possession indicating escapement of income from Tax? - HELD THAT:- In view of the law summarised by this Court on the point of issuance of jurisdictional notice and assumption of jurisdiction under Section 148 of the Act, 1961, in Uphill Farms Private Limited Vs. Union Of India and Another 2022 (5) TMI 375 - ALLAHABAD HIGH COURT] the impugned notice under Section 148 of the Act, 1961 prima facie can not be said to be without jurisdiction. We have carefully considered the submissions of the learned counsel for the parties and we find that assessing authority has information about cash deposit which was not irrelevant or unfounded. Thus, the impugned jurisdictional notice under section 148 of the Income Tax Act, 1961 cannot be said to be without jurisdiction. For the reasons aforestated, we do not find any merit in this writ petition. Consequently, the writ petition is dismissed with liberty to the petitioner to challenge the impugned reassessment order in Appeal under Section 246A of the Income Tax Act, 1961, if so advised.
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