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2019 (11) TMI 100 - HC - Income TaxReopening of assessment u/s 147 - return of income was processed under section 143(1) by way of intimation. - HELD THAT:- Requirement at the stage of issuing reopening notice is only with a prima facie view that income chargeable to tax has escaped assessment. This is not a final view and is subject to further consideration during the assessment proceedings. In the present facts we find that though paragraph 5 of the reasons recorded in support of the impugned notice for reopening of the assessment is vague in as much as the Assessing Officer is not even certain whether the Petitioner made profits or loss or even the entities/persons dealt with, would make the reasons bad in law. However, the reasons as conclusion that above in para 5 thereof is not the only reason in support of the impugned notice. The other reason in support of the impugned notice is recorded in Para 2 to 4 thereof viz. that income of ₹ 33.59 lakhs chargeable to tax has escaped assessment on the basis of the tangible material and information received from the Deputy Director of Income Tax (Investigation) Kolkata by misuse of National Multi-commodity Exchange platform. This is the very income chargeable to tax which has escaped assessment at ₹ 33.59 lakhs. This is as mentioned in the reasons with regard to the Petitioner purchasing and selling shares through Star Commodities i.e. Broker during the previous year relevant to the Assessment Year by misusing the National Multi-commodity Exchange platform. No reason to entertain this Petition.
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