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2018 (11) TMI 1315 - AT - Income TaxReopening of assessment - validity of reasons to believe - tangible material in his possession subsequent to the intimation u/s 143(1) - Held that:- The reopening of the assessment solely on the basis of the statement of Sri Ramalinga Raju, without bringing on record any tangible material to come to the conclusion that there is escapement of income is not sustainable. No reason to interfere with the order of the CIT(A), who has followed the ITAT orders in similar cases for setting aside the assessment order. Accordingly, the Revenues appeal is dismissed.
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