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2024 (5) TMI 225 - GUJARAT HIGH COURTReopening of assessment u/s 147 - Reasons to believe - reopening on the basis of the audit party objections - claim made towards the notional guarantee commission - HELD THAT:- The notice u/s 142(1) clearly indicates the break-up of any other amount allowable as deduction, in which in reply the petitioner has submitted that the claim made towards the notional guarantee commission and the same is deemed to have been considered by the AO while framing the assessment. Moreover, it is settled legal position that the reopening on the basis of the audit party objections is invalid and on bare perusal of the reasons recorded, it is apparent that there was no material available with the respondent - AO to form a reason to believe that the income has escaped assessment. In such circumstances, the impugned notice issued u/s 148 of the Act is held to be without jurisdiction and accordingly, the same is quashed and set aside. Rule is made absolute to the aforesaid extent.
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