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2016 (4) TMI 639 - HC - Income TaxReopening of assessment - Held that:- Once a process of reassessment or the like has been initiated upon the issuance of a notice under Section 148(1) of the said Act, the reasons recorded prior to the issuance of the notice are the only reasons that can be looked into and no further reasons may be added thereto by any subsequent officer who may have received the case upon its transfer. As to the reasons indicated, there does not appear to be any occasion for the petitioners to complain at this stage. It is common knowledge that dirty money is circulated in the economy and one of the ways of laundering such money without attracting the provisions of the relevant statute is by parking the same in obscure companies with little business activities by investing in shares therein at a huge premium. It is such aspect of the matter which has, quite appropriately, attracted the attention of income tax authorities qua the petitioning assessee. It is most desirable that the exercise be completed by taking the matter to its logical conclusion.
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