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2016 (12) TMI 875 - HC - Income TaxReopening of assessment - capital gain - huge premium higher than the real worth of the share - Held that:- The Petitioner's filed its objections by letter dated 20th July, 2016 to the reasons recorded. In its objections, the Petitioner points out that the reasons as recorded have been premised on figures which were incorrect. In particular, the face value of the shares is not ₹ 411/per share as indicated in the reasons recorded but ₹ 10/per share. This, in fact forms the basis of the Assessing Officer doing the exercise to determine whether any income chargeable to tax has escaped assessment. However, the aforesaid objections has not been addressed to by the Assessing Officer in his order dated 9th September, 2016. The face value of the share being ₹ 411/per share is merely reiterated without any supporting evidence to meet the objections of the Petitioner. In the above view, it would be appropriate that the order disposing of the objections dated 9th September, 2016 be set aside and the issue be restored to the Assessing Officer to dispose of the Petitioner's objections as stated and confined to contents of its objections dated 20th July, 2016. AO would dispose of the objections dated 20th July, 2016 within a period of six weeks from today.
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