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2005 (2) TMI 35 - HC - Income Tax"Whether, Tribunal is right in holding that the action of the Assessing Officer in reopening the assessment under section 147 of the Income-tax Act, 1961 is invalid and also in deletion of additions made on account of unproved loans and cash credits?" - A bare perusal of the aforesaid notice dated October 10, 1991, clearly indicates that the officer was wanting to know the details with regard to the source of funds with regard to purchase of the said flat for a sum of Rs. 2,50,000. Obviously in the above, there is no question of the Assessing Officer having any basis to reasonably entertain the belief that any part of the income of the assessee had escaped assessment and that such escapement was by reason of omission or failure on the part of the assessee to disclose fully and truly all material facts. – revenue’s appeal dismissed
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