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2023 (1) TMI 1154 - AT - Income TaxReopening of assessment u/s 147 - share premium received was in excess of intrinsic value, which has escaped assessment - HELD THAT:- A perusal of the reasons recorded specifically shows that there is no quantification of the income which is alleged to have escaped assessment much less the estimate of the income that is alleged to have escaped assessment. A perusal of the decision in the case of Khubchandani Healthparks (P) Ltd. [2016 (2) TMI 710 - BOMBAY HIGH COURT] clearly shows that the notice for reopening of assessment itself does not indicate the approximate amount of income, which the AO has reason to believe has escaped assessment nor does it quantify the extent of such income, then the reasons recorded is liable to be held to be invalid and reopening quashed. As the reasons recorded does not quantify even an estimated amount of the alleged income which has escaped assessment and as it is noticed that the reasons recorded do not contain any live link to the alleged illegal mining, the reasons recorded for the purpose of reopening of assessment are invalid and is nothing but fishing enquiry. Consequently, the reasons recorded are held to be invalid and notice issued u/s. 148 of the Act for the purpose of reopening stands quashed. Consequently, the assessment also stands quashed.Appeals of the assessee stand allowed.
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