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2019 (3) TMI 1402 - HC - Income TaxReopening of assessment - Reasons recorded based on sworn statement recorded u/s 133A - no incriminating material found - reason to believe - HELD THAT:- In the present case, there is no dispute on the position that the survey initiated by the Department on 12.01.2018 has yielded no tangible incriminating material. In fact, the Mahazarnama of even date reveals as much. Notwithstanding this, the Department has gone ahead with the impugned proceedings based solely upon the sworn statement recorded under Section 133A from one of the partners. In the light of Circular F.No.286/2/2003 dated 10.03.2003 as well as the admitted position that there is not a shread of material apart from the statement recorded under Section 133A that forms the basis of the proceedings for reassessment, the reasons dated 28.05.2018 have no legs to stand. The impugned notices dated 31.03.2018, which trace their existence to the reasons dated 28.05.2018 must thus fail and quash the same as well as the impugned orders dated 30.07.2018 rejecting the preliminary objections. - Decided in favour of assessee.
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