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2008 (4) TMI 452 - HC - Income TaxReassessment- The Assessing Officer reopened the assessment by notice issued under section 148 of the Act on the ground that the interest income and investments made in fixed deposits had escaped assessment within the meaning of section 147 of the Act. The Assessing officer completed the assessment making the various additions. The Commissioner (Appeals) confirmed the order of the Assessing Officer. The Tribunal held that the reopening of the assessment being based on mere suspicion and without any material the assessment was liable to be cancelled. Held that- it was clear that the statement by the asseseee under section 132(40 of the Act were retracted not once but twice and that the Department had accepted the retraction. No cogent and valid reason had been assigned by the Assessing Officer for reopening assessment. There was no good or sufficient reasons for reopening of the assessment under section 148 of the Act against the assessee.
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