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2023 (9) TMI 618 - DELHI HIGH COURTReopening of assessment u/s 147 - Notice issued u/s 148A(b) - principal allegation leveled against the petitioner was that it had purchased foreign currency and made outward foreign remittance -petitioner had failed to provide the SPA executed between itself and F1 Info - stand taken was, the petitioner was, both, the remitter and the beneficiary - AO held that, although, the petitioner had given some explanation with regard to the repatriation, independent verification had not been carried out by reaching out to IDFC Ltd. - HELD THAT:- In our view, before passing the impugned order AO could have called upon the petitioner to submit not only the SPA, but also perhaps a letter of confirmation from IDFC. These were the simple steps that could have been taken before passing an order u/s 148A(d) of the Act. We have put this aspect to Mr Rai. Mr Rai says that an inquiry can be made with regard to the issues which have been highlighted by the AO in the impugned order. Therefore, in our opinion, the best way forward would be to set aside the impugned order, with liberty to the AO to pass a fresh order after he has called upon the petitioner to submit the requisite documents in support of its defence with regard to commencement of reassessment proceedings. The impugned order passed u/s 148A(d) of the Act is set aside. Resultantly, the notice of even date, i.e., issued u/s 148 of the Act will also collapse. AO will issue notice to the petitioner which would indicate the documents that he wishes the petitioner, as noted hereinabove, to place before him. AO will also furnish to the petitioner any material/information which is in his possession and may not have been furnished to the petitioner up until now, in support of his conclusion arrived at in the impugned order that income had escaped assessment.
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