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TMI Blog2013 (10) TMI 286X X X X Extracts X X X X X X X X Extracts X X X X ..... then proceed in the matter in accordance with law - In view of this submission, the petition is disposed of on the understanding that the show-cause notice dated 5.10.2011 does not survive and is effaced from the record since reasons recorded on the basis of which the same was issued have been withdrawn by the Income Tax Officer with liberty to record fresh reasons and proceed in the matter, in ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, 1961. The reasons recorded for issuing the said notice are as follows: Annexure M/S. Royal Garden Hotel, Nichla Tahliwal, Distt. Una-A.Y. 2007-08- Reasons:- In this case assessment was completed u/s 143(3) of the I.T. Act vide order dated 30-12-2009 at total income of Rs. 125000/-. The assessee had made investment in the construction of Hotel during the period under assessment and subs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the investment declared by the assessee and estimated by the departmental valuer. Hence the assessee has made investment of Rs. 1369172/- out of its undeclared sources of income. I therefore, have reasons to believe that income of Rs. 1369172/- has escaped assessment in this case. It is requested that sanction for issue of notice u/s 148 as required u/s 151(1) of the I.T. Act may kindly be a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion report has been obtained pursuant to reference, that can certainly be the basis to invoke powers under Section 148 of the Act. However, this is not a fact stated in the reasons recorded. In this view of the matter, the petition ought to succeed. 6. Counsel for the department submits that in that case, the Income Tax Officer will withdraw the impugned reasons recorded, which are the basis fo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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