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2009 (9) TMI 32 - HC - Income TaxReasons Reopening of an Assessment – Earlier returns were processed u/s 143(1) - AO found that the petitioners have wrongly valued perquisite on account of rent free accommodation provided by the employers of the petitioners and the annual letting value of the house property should have been declared for assessment purposes as the assessee had made a claim of interest expenditure on the housing loan taken for the property - petitioner contended that the notices in question are clearly misconceived and are simply for harassing the petitioners who are professionals. He contended that the reasons which have been given for reopening of the assessment do not show that any new material has come to light for reopening of the assessment – Held that - present writ petition is liable to succeed with costs - The reasons which have been recorded seeking reopening of the assessment show that there is no application of mind by the AO which can be said to be the mind of a reasonable person to arrive at a conclusion – Notice issued u/s 147/148 quashed with cost of Rs. 25,000/-
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