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2024 (6) TMI 1235 - HC - Income TaxReopening of assessment u/s 148A - difference between the allotment price of Rs. 13/- and the market price of Rs. 659/- necessitating re-assessment of the returns filed for that year - HELD THAT - In the matter in hand it being clear that no sale of such shares had been effected in the Financial Year 2015-16 there is no question of incidence of income on account of any sale of KFCL shares justifying a view that income in that year had escaped assessment. Besides there is no other ground in the notice for proposing reassessment. Consequently the very basis on which the Impugned Order passed u/s 148A (d) of the Act stands undermined. Since the very basis of proposing re-assessment does not exist as a matter of fact nothing survives in the proposal to conduct reassessment. Writ Petition deserves to be allowed. There has been no application of mind to the facts of the case and the explicit and specific reply of the Petitioner and the documentary record that showed that no sale had been effected in that year leading to no income that could have arisen in that year. There is no merit in the request of the Revenue to remand the matter for a fresh consideration of the facts (instead of simply quashing the Impugned Order).
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