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2023 (5) TMI 1268 - DELHI HIGH COURTReopening of assessment u/s 147 - Allegation against the petitioner is that because of the activities carried out by it, the benefits available to it under Sections 11 and 12 may not be available - HELD THAT:- As referring to income and expenditure account of the AY in issue expenditure that has been registered by the petitioner is Rs. 67,49,006/-, against which an adjustment of unutilized amount under Section 11(1) Explanation 2 amounting to Rs. 2,59,903/- has been made. Thus, the net expenditure, which has been registered by the petitioner, is the figure that we have noticed above as the alleged escaped income, i.e., Rs. 64,89,103/-. As a matter of fact, the petitioner has registered a net loss amounting to Rs. 6,54,461/-. Therefore, there is a misalignment, to say the least, between the purportedly escaped income, as indicated in the notice issued under Section 148A(b), and the order passed under Section 148A(d) of the Act. Given the aforesaid backdrop, in our view, the matter requires further examination. Accordingly, issue notice. Counter-affidavit will be filed within eight weeks.
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