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2021 (5) TMI 30 - HC - Income TaxAssessment u/s 153A - No speaking order passed by the said respondent rejecting the request of the petitioner to drop the proceedings initiated under section 153A of the Act and directing the petitioner to file return of income for the assessment year 2011-2012 in accordance with the provisions of section 153A - HELD THAT:- If we examine the impugned speaking order prima facie, there is no indication about any tangible evidence showing undisclosed investment in the assets of the petitioner. In paragraph no.5 of the aforesaid order, we find that according to respondent no.2, there is a bogus liability which has resulted into emergence of asset on the other side. Respondent no.2 has not mentioned about any tangible evidence wherefrom it can be deduced about undisclosed investments in any asset of the petitioner. This is a case where a concluded assessment is sought to be reopened beyond the six assessment years and therefore, in such a case provisions of the fourth proviso to section 153A is required to be interpreted strictly. That being the position and considering the long line of judicial precedents starting from Calcutta Discount Co. Ltd Vs ITO, [1960 (11) TMI 8 - SUPREME COURT] we are of the view that the matter would require further deliberation by the Court and considering the jurisdictional issue involved it would not be just and proper to relegate the petitioner to face the assessment proceedings and the consequential remedy of appeal, if the occasion so arises. Issue notice, returnable after four weeks.
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