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2018 (9) TMI 353 - HC - Income TaxReopening of assessment - non independent application of mind - reliance on objection of the audit party - Held that:- Reopening was made on the basis of objection of the audit party and no independent application of mind was there by the AO. Furthermore, the second limb of reasons recorded by the AO that no loss for the same assessment year was adjusted against the long term capital gains was contrary to the factual matrix. Former part of this order and in view of the various judicial pronouncements mentioned hereinabove, we are of the considered view that the notice issued u/s. 148 of the Act for reopening the assessment u/s. 147 of the Act in the present case was not justified. Reassessment framed by the AO on the basis of invalid notice is set aside. - Decided in favour of assessee
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