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2018 (1) TMI 543 - HC - Income TaxReopening of assessment - Held that:- Having heard the parties and considering the materials placed, this Court is satisfied that complete disclosure sought to be labored by the learned Counsel for the petitioners in an assessment proceeding under Section 147 is not the sole duty of the revenue / respondents alone but, equally, lies at the door step of the petitioners/ assessee company. This Court is also satisfied that the reasons for harbouring the belief of the income having escaped assessment have been clarified in the reply dated 26th /27th July, 2017 and, the process of answering the evidence in detail can start only after the reassessment exercise takes place on the basis of the required disclosures which lie at the door step of the petitioners /assessee company. In the backdrop of above discussion, this Court finds no useful purpose to admit the writ petition.
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