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2018 (3) TMI 674

e only words added to the above letter in the recorded reasons are “In this case information received from the Office of the DIT (Investigation) Unit4, Mumbai on 23rd March, 2017 vide letter dated 22nd March, 2017”. - This, of course, besides the introductory para and the concluding para where he records that he has reasons to believe that income chargeable to tax has escaped assessment. Thus, prima facie, there has been no independent application of mind on the part of the Assessing Officer to the tangible material received from the Deputy Director of Investigation. The information received has to be examined in the context of the facts on record before coming to a view that income chargeable to tax has escaped assessment on account o .....

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forms basis of the reasons for reopening notice was subject of enquiry in the regular Assessment proceedings. The reasons also do not allege any failure to disclose fully and truly all material particulars necessary for Assessment. 5. It is also contended by the Petitioner that the reasons recorded in support of the impugned notice, do not indicate any independent application of mind by the Assessing Officer to come to a reasonable belief that income chargeable to tax has escaped assessment for the purpose of assuming jurisdiction to issue the impugned notice. The reasons in support rely upon material/ information received from DDIT (Inv.) under letter dated 22nd March, 2017. During the course of hearing, Mr. Suresh Kumar, learned Counsel f .....

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. has borrowed ₹ 64 crores to invest in debenture of NuPower Renewables Ltd. and it has done no other business apart from this. 6. The above facts are the very reasons recorded by the Assessing Officer for issuing of the impugned notice. The only words added to the above letter in the recorded reasons are In this case information received from the Office of the DIT (Investigation) Unit4, Mumbai on 23rd March, 2017 vide letter dated 22nd March, 2017 . This, of course, besides the introductory para and the concluding para where he records that he has reasons to believe that income chargeable to tax has escaped assessment. Thus, prima facie, there has been no independent application of mind on the part of the Assessing Officer to the tan .....

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