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2023 (7) TMI 512 - BOMBAY HIGH COURTReopening of assessment u/s 147 - unexplained properties purchased - HELD THAT:- All the findings are incorrect in as much as in the notice u/s 142 (1) issued petitioner was expressly called upon to submit all the details of all the properties purchased alongwith copies of purchase deed and copy of statement of the bank account from which the payment was made. In its reply petitioner has given details of property purchased including copies of Purchase Deed. The Purchase Deed also contains details of payments made. In the Assessment Order the AO has specifically stated that during the course of assessment proceedings assessee submitted various details as called for. The details filed by assessee are examined and placed on record and the CASS and ITS data has been verified from the details submitted by assessee. Assessment Order also states that the case was selected by CASS for scrutiny in view of large investment in property, among other things. Therefore, AO was certainly satisfied with all the details provided by petitioner. If he was not, in other words, if petitioner had not furnished copy of the statement of bank accounts from which the payment was made as mentioned in the notice certainly the AO would not have passed the Assessment Order the way he had passed. Moreover, in the reply to the notice issued u/s 148A(b), petitioner has given details of the consideration paid for the property and the source of funds. Therefore, for the AO to state in the impugned order dated 31st March 2023 that petitioner did not provide the details or explain the source etc., is an incorrect statement. We hereby quash and set aside the Show Cause Notice issued u/s 148A(b) - Decided in favour of assessee.
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