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2022 (3) TMI 1200 - HC - Income TaxValidity of Reopening of assessment u/s 147 - retraction of the statement - HELD THAT:- As noticed that for the purpose of re-opening the assessment in terms of Section 148, the only reason is the statement of the husband of the petitioner which admittedly has been retracted. This court while dealing with similar question has observed under similar circumstances that retraction of the statement had resulted in absence of any material to warrant re-opening of the case against the assessee. As there is no material available on record for initiating the proceedings under Section 148, the impugned order at Annexure-'N' is set aside and consequently the notice at Annexure-'E' is set aside. - Decided in favour of assessee.
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