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2007 (7) TMI 376 - HC - Income TaxNotice under section 148 of the Act was issued by the Assessing Officer on July 4, 1998, for reopening of the assessment - In spite of fact that all the documents and material was available with the Assessing Officer when the return of income was filed by the assessee and was processed, the Assessing Officer while recording the reasons for issuing notice under section 148 of the Act has not specifically mentioned the items of jewellery and the particulars of shares which in his opinion had escaped assessment. Merely recording the reason that examination of the seized records revealed that the assessee has made huge investments in the purchase of shares and other movable and immovable assets and those transactions have not been recorded in the books of account therefore, the Assessing Officer has reason to believe that the assessee’s income assessable to tax had escaped assessment, is not sufficient for reopening the assessment. - Thus, in our opinion, the Tribunal was fully justified while coming to the conclusion that the Assessing Officer was not justified in reopening the assessment of the assessee under section 147/148
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