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2015 (10) TMI 1748 - PUNJAB & HARYANA HIGH COURT

2015 (10) TMI 1748 - PUNJAB & HARYANA HIGH COURT - TMI - Validity of reopening of assessment - interest from money lending income is business income and not income from other sources which is the only reason for the very issuance of notice under section 148 - Held that:- In view of judgment of Commissioner of Income Tax I, Ludhiana vs. Smt.Pushpa Gupta (2015 (10) TMI 1741 - PUNJAB AND HARYANA HIGH COURT) deciding the issue by holding that the income derived by the assessee was assessable under t .....

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. 2. ITA No.586 of 2009 has been preferred by the assessee under Section 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 27.2.2009 Annexure A.I passed by the Income Tax Appellate Tribunal, Chandigarh Bench 'B', Chandigarh in ITA No.1064/CHD/2008, for the assessment year 2002-03, claiming following substantial questions of law:- "i) Whether the Tribunal was not justified in confirming the very action of issuance of notice under section 148 of .....

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business income in AY 2005-06 under scrutiny assessment for the AY 2005-06 vide its order dated 21.11.2007? ii) Whether the Tribunal was not justified in confirming the very action of issuance of notice under section 148 of the Income Tax Act, 1961, by the authorities below, as valid without appreciating the fact that though the ITAT itself has held on merits that the income from interest from money lending income is business income and not income from other sources which is the only reason for .....

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d return of income for the assessment year 2002-03 on 31.10.2002 declaring total income of ₹ 16,796/- from the business of trading of shares, debentures and mutual funds and interest from the business of money lending. The return was processed on 26.2.2003 under Section 143(1) of the Act. Refund of ₹ 2,28,364/- was issued to the appellant. On 25.9.2006, the Assessing Officer issued notice under section 148 of the Act to the appellant and directed her to file the return of income. The .....

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