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Multi Commodity Exchange of India Ltd. Versus The Deputy Commissioner of Income Tax & Ors.

Reopening of assessment - reasons to believe - special audit report as basis for reopening - Held that - Petitioner cannot take shelter of the first proviso to Section 147 of the Act. Further the reasons recorded does indicate that the special audit report dated 21 April 2014 is the basis of the reopening notice. Thus in the above facts, it cannot be said that the Assessing Officer did not have reasonable belief that prima facie income chargeable to tax has escaped assessment. - The second griev....... + More



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