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2022 (5) TMI 892 - HC - Income TaxValidity of Reopening of assessment u/s 147 - as argued case re-opened on the basis of borrowed satisfaction by simply relying upon the information flagged by the Risk Management Strategy of the Income Tax Department - also detailed replies of the Petitioner-Company were not taken into consideration by Respondent No.1, and therefore, the Order under Section 148A(d) and the consequential Notice under Section 148 of the Act should be set aside - HELD THAT:- On the last date of hearing respondent-revenue had sought time to obtain instructions. Today, he prays for further time to obtain instructions. However, this Court is of the view that the respondent-revenue has had adequate time to obtain instructions. Consequently, this Court has no other option but to believe the averments in the writ petition. Believing the averments in the writ petition to be true, the impugned order and notice under Section 148 of the Act are set aside on the ground that the Assessing Officer has not taken into consideration the replies along with the documents/evidences filed by the petitioner. Accordingly, the Assessing Officer is directed to pass a fresh reasoned order under Section 148A(d) of the Act after taking into account the submissions/contentions advanced by the petitioner in its replies as well as documents/evidences filed along with the said replies.
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