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2019 (1) TMI 119 - HC - Income TaxUnexplained credit u/s 68 - reopening of assessment - held that:- The listed equity shares have been credited to his demat account on the day of the purchase itself. It was submitted that, therefore, the Assessing Officer has sought to reopen the assessment on a completely wrong factual premise by solely and mechanically relying upon the information received from other sources without forming any independent opinion that income chargeable to tax has escaped assessment and, therefore, the assumption of jurisdiction on the part of the Assessing Officer under section 147 of the Act by issuing the impugned notice is without authority of law. As further submitted that in the reasons recorded, the Assessing Officer has stated that in this case the assessee has not filed any return of income for the year under consideration, which is factually incorrect as the petitioner had duly filed the return of income, a copy whereof has been annexed as Annexure-A to the petition. Having regard to the submissions advanced by the learned advocate for the petitioner, Issue Notice returnable on 5th February, 2019. By way of ad-interim relief, the respondent is permitted to proceed further pursuant to the impugned notice; he, however, shall not pass the final order without the permission of this court
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