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2023 (8) TMI 886 - BOMBAY HIGH COURTReopening of assessment u/s 147 - reason to believe that Petitioner’s income chargeable to tax has escaped assessment based on an alleged SEBI Investigation report, in which, Syncom Formulations Limited has been found to be involved in bogus LTCG and loss to beneficiaries - According to Petitioner, this order has been passed without jurisdiction because no separate order disposing Petitioner’s objections has been passed - HELD THAT:- Petitioner is a family member of the promoter group of Syncom Formulations Limited and there has never been any investigation by SEBI against Syncom Formulation Limited. Petitioner, therefore, is justified in seeking a copy of the report on which reliance has been placed while arriving at the conclusion that there are reasons to believe that income of Petitioner has escaped assessment. Therefore, we hereby quash and set aside the Assessment Order and remand the matter back to Jurisdictional Assessing Officer (JAO), who shall, within two weeks of this order being uploaded, make available to Petitioner a copy of the report of SEBI relied upon in the reasons to believe for re-opening. If the report contains information regarding other entities which are not concerned with Petitioner, the JAO may redact those portions.
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