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2009 (2) TMI 68 - HC - Income TaxAO states that income to the extent of amount of discount given has escaped assessment, hence, discount given is income of the assessee which is chargeable to tax - as could be seen from the reasons recorded the respondent authority was not sure as to which income has escaped assessment and what was the quantum thereof – in absence of valid assumption of jurisdiction the proposed reopening is bad in law and therefore, notice issued u/s 148 are quashed
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