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2016 (12) TMI 1296 - HC - Income TaxReopening of assessment - Held that:- Whether or not the reasons recorded by the assessing officer for issuing notices under Section 148 are valid and good reasons is entirely a factual issue. The assessee would have the right to urge before the assessing officer that the reasons are not justifiable and the assessing officer would have to deal with and dispose of the assessee’s objection by a reasoned order. In the present case, the Writ Court cannot go into the disputed fact of whether or not the petitioner company has window-dressed its accounts by showing contributions on account of share subscription money by paper companies and by showing payments for alleged services rendered by shell companies. Such factual matters are within the exclusive domain of the assessing officer. We are inclined to give an opportunity to the petitioner company to file its objection to the reasons recorded by the assessing officer for issuing the notices under Sec. 148 of the IT Act so that the assessing officer may conduct the assessment proceeding afresh from that stage. Solely on that ground and without going into the merits of the assessment orders dated 31 March, 2015, the said assessment orders are set aside. The petitioners are permitted to file objection to the Department’s communication dated 15 January, 2015 within three weeks from date. In the event they do so, the assessing officer shall consider and dispose of such objection by a reasoned order, before proceeding, if at all, with the reassessment in accordance with law and the principles of natural justice. If the petitioners do not file their objection within the time indicated above, the assessment orders dated 31 March, 2015 shall stand revived.
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