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2019 (1) TMI 223 - HC - Income TaxReopening of assessment - reasons to believe - bogus share capital/share application money - sufficiency of reasons to be considered in a writ petition - communication of reasons for reopening - Held that:- In the present case, the reasons recorded in the matter were certainly communicated to the petitioner. The objections of the petitioner have been properly dealt and it is not a case of mere suspicion, it is a case, wherein the competent authority was having reason to believe to reopen the assessment. There was a specific information available with the authorities. The reasons to believe had been properly understood by the authorities and there was material on the basis of which, notice was issued. In exercise of the jurisdiction under Article 226 of the Constitution of India, the sufficiency or insufficiency for the formation of the reason to believe cannot be considered, as held in AGR INVESTMENT LTD VERSUS ADDL. COMMISSIONER OF INCOME TAX AND ANOTHER. [2011 (1) TMI 48 - DELHI HIGH COURT]. It is certainly open to the assessee to participate in the reassessment proceedings and to put forth its stand in detail to satisfy the Assessing Officer that no escapement of income has taken place. At this stage, this Court does not find any reason to interfere with the notice as well as with the order passed by the respondents. No case for interference is made out in the matter. - deided against assessee
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