Reopening of assessment challenged on grounds that Assessing...

Reopening of assessment challenged on grounds that Assessing Officer had already considered entries related to Long/Short Term Capital Gains/Losses, Unsecured Loans, Share Premium, Bogus Gains, Contrived Losses during regular assessment. Court held that since AO had considered issue during regular assessment, impugned notice u/s 148 for reopening based on general information received from investigation wing regarding script Kaushal Limited was not valid. Reasons recorded did not disclose particular income escapement. Impugned notice issued without application of mind and sanction granted mechanically. Notice based on information already considered during regular assessment, hence quashed and set aside in favor of assessee.

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