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2024 (7) TMI 1143 - HC - Income TaxValidity of Reopening of assessment - legality of notice u/s 148 and the order rejecting objections - Revenue has sought to reopen the assessment on the sole basis that the profit being the difference between purchase and sale of commodities over national multi commodities exchange though derived but not reflected in the return of income - HELD THAT - As per the undisputed fact that the petitioner has already submitted a contract note dated 01.10.2011 issued by Star Commodities with regard to the transaction in which it is alleged that the income has escaped assessment. Considering the ledger account of Star Commodities produced the very income has already been reflected. Further on perusal it has been found that the Bank Statement of the Union Bank of India for the period between 01.04.2011 to 31.03.2012 wherein the said amount has been reflected. Keeping in mind the aforesaid material on record in our considered opinion the entire base of reopening that income escaped assessment is not correct. The reasons so recorded and the notice u/s 148 is nothing but a sheer non application of mind by the Revenue. Thus we therefor hold that a notice u/s 148 of the Act cannot be said to be legal in the eye of law. Decided in favour of assessee.
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