High Court Quashes Section 148 Notice Due to Inadequate Consideration of Assessee's Explanation in Tax Discrepancy Case.

Reopening of assessment u/s 147 - difference between the amount invested by the petitioner/assessee in Company and the amount shown under the heading 'loans and advances' by the company in its books - - In the order rejecting objections there is no discussion about the explanation given by the petitioner/assessee with regard to the charge levelled against it. - Notice issued u/s 148 quashed - HC .....

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