Court Invalidates Reassessment: AO's Reduction of Brokerage Allowance from 10% to 5% Unjustified, Lacks Justification.

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....Validity of reopening of assessment - Once the AO accepts that the facts required payment of higher brokerage and it is not disputed that the transaction of brokerage was through banking channel, reduction of allowance of brokerage paid from 10% to 5%, without assigning or giving any reasons for the same, cannot be justified in la - HC....