TMI Blog2022 (3) TMI 1200X X X X Extracts X X X X X X X X Extracts X X X X ..... he petitioner which admittedly has been retracted.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-& ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act. 3. The learned Senior Counsel appearing for the petitioner submits that the notice under Section 148 came to be issued seeking to re-assess the income of the petitioner and that the petitioner has sought for necessary reasons for initiating Section 148 proceedings after having filed the return. 4. It is pointed out that objections were filed as regards to the reasons for re-opening ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Commissioner of Income Tax v. Dr.N.Thippa Setty reported in (2010) 230 CTR 265 (Karnataka). 8. The learned counsel for revenue has produced the records. 9. Perused the materials relating to the reason for re-opening the assessment in the case of the petitioner at Para 6 under the caption Basis of forming reasons to believe and details of escapement of income which would reveal that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... son to believe that income of the Assessee of ₹ 20,00,000/- chargeable to tax has escaped assessment within the meaning of explanation of Section (b) of Section 147 of the Income Tax Act, 1961. 11. It is to be 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 retra ..... X X X X Extracts X X X X X X X X Extracts X X X X
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