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2019 (12) TMI 379 - HC - Income TaxReopening of assessment u/s 147 - AO received information that M/s. Banas Finance Ltd. is a penny stock listed on BSE with script code and has been used to facilitate introduction of unaccounted income of members of beneficiaries in the form of exempt capital gain or short term capital loss in their books of accounts - HELD THAT:- As submitted that the assessment is sought to be reopened on borrowed satisfaction of the investigation wing without making any inquiry into the facts of the case. Assessment is sought to be reopened beyond a period of four years from the end of the relevant assessment year and that in the absence of any failure on the part of the petitioner to disclose fully and truly all material facts, the assumption of jurisdiction by the Assessing Officer under section 147 of the Act is without any authority of law. Having regard to the submissions advanced by the learned advocate for the petitioner, issue notice, returnable on 21st January 2020. By way of ad-interim relief further proceedings pursuant to the impugned notice dated 29th March 2019 issued by the respondent under section 148 of the Act for assessment year 2012-2013 are hereby stayed.
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