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2022 (11) TMI 979 - HC - Income TaxReopening of assessment u/s 147 - reason to believe at the stage of re-opening - high volume/value transaction of scrip - necessity of application of mind while granting the approval under Section 151 - whether there was reason to believe that income had escaped assessment and whether the Assessing Officer has tangible material before him for the formation of that belief? - HELD THAT:- In view of the settled proposition of law, the submissions of Petitioner that in the reasons to believe it is stated that Odyssey Securities Private Ltd. is a scrip on which Petitioner has done high volume/value transaction, Odyssey Securities Private Ltd. was a broker and a Private Limited Company over which SEBI will have no jurisdiction and therefore, reliance of SEBI’s order shows non-application of mind and on such reasons when approval has been granted that also indicates non-application of mind by the approving authority etc. will not hold water. We are not willing to accept the submissions of petitioner - We are satisfied, in the facts and circumstances of the case, that there has been application of mind while granting the approval under Section 151 of the Act. In the circumstances, Petition dismissed.
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