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1971 (10) TMI 25 - HC - Income TaxPetitioner-firm filed its return as required under section 139 of the Income-tax Act, 1961 - Along with the return of income, the balance-sheet was filed in which credit entries in the names of various firms - When the credit entries were accepted at original assessment after enquiry, whether the assessment could subsequently be reopened on information that the transactions were bogus - impugned notices having been issued more than four years after the expiry of the assessment years 1963-64 and 1964-65 were void and without jurisdiction and no proceedings on their basis can be taken. These petitions are consequently accepted with costs and the impugned notices are quashed
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