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2009 (3) TMI 14 - HC - Income TaxReopening of assessment u/s 148 – income escaping assessment – speculation profit - from the reasons recorded, it is seen that there is no material to hold that any income chargeable to tax has escaped assessment - entire case of the revenue is based only on conjectures - it is not evident that there is any failure on the part of the assessee to disclose fully and truly all material facts - impugned notice being beyond four years from the end of the relevant assessment year, is quashed
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