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2018 (5) TMI 1489 - HC - Income TaxReopening the assessment u/s 147 after processing of return u/s 143 - assessee is a broker and has made Client Code Modification [CCM] - normally a broker charges 0.5% to 1% of losses/profits - as per AO CCM were not genuine and from which the assessee would have earned sizeable unaccounted income as a broker - Held that:- the reasons recorded by the AO does not lack validity and AO have reason to form belief that income chargeable to tax had escaped assessment - thus the issue on reassessment are kept open - decided against the assessee
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