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2024 (1) TMI 757 - HC - Income TaxReopening of assessment u/s 147 - as argued no speaking order was passed by the Assessing Officer before disposing of the petitioner’s objection - HELD THAT:- Wide powers vested for reopening the assessment under section 148 read with section 147 of the Income Tax Act, 1961. It is precisely for this reason, the Hon'ble Supreme Court had held that a speaking order should be passed after the assessee is furnished with reasons for reopening of the assessment. In this case, the safeguards enunciated by the Honourable Supreme Court in GKN Drive Shafts (India) Ltd. [2002 (11) TMI 7 - SUPREME COURT] has been ignored by directly passing the impugned assessment order. Therefore, impugned assessment order is therefore not sustainable. Therefore, the impugned order is set aside and the case is remitted back to the respondent to pass a fresh order disposing of the petitioner’s objection in the light of the decision of Supreme Court in GKN Drive Shafts (India) Ltd.[supra] - Thus this exercise shall be carried out by the respondent, within a period of eight (8) weeks from the date of receipt.
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