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2022 (3) TMI 730 - HC - Income TaxReopening of assessment u/s 147 - Validity of reasons to believe - bogus share premium and share application - HELD THAT:- Petitioner has made categorical statement that during the assessment year 2009-10 no share of the company was issued to any party let alone at a premium and moreover the payment that was received was through banking channels and not in cash. In the order rejecting objections, the Assessing Officer has not considered or dealt with this factual aspect. Even in the petition there is averment to this effect. Though the petition came to be admitted on 24th November, 2014, no reply has been filed even denying these averments. Therefore, in our view there is no reason to believe that income chargeable to tax has escaped assessment. Moreover, even for a moment we assume that the share premium charged was unjustifiable still on receipt of share premium and share application money no income arises as the receipt is on capital account - we hereby hold that the notice issued under Section 148 is unsustainable - Decided in favour of assessee.
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