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2018 (5) TMI 1540 - AT - Income TaxReopening of assessment - reasonable belief - reopening merely on the information received from the Investigation Wing of the Department - differential judgments on issue - Held that:- Where there is a cleavage of opinion between different High Courts on an issue and none of the decisions has been rendered by the jurisdictional High Court, the view in favour of the assessee needs to be followed. Hence, in deferential keeping with ‘Meenakshi Overseas’ (2017 (5) TMI 1428 - DELHI HIGH COURT), the reasons recorded by the AO to form belief of escapement of income are found to be no reasons in the eye of the law. The nature of the transactions allegedly entered into by the assessee have not been specified and that the reasons were recorded without any application of mind, merely on the basis of information received from the Investigation Wing of the Department, i.e., just on borrowed satisfaction. - Decided in favour of assessee.
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