High Court Invalidates Reopening of Assessment u/s 56(2)(vii) Due to Insufficient Reason by Assessing Officer.

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....Reopening of assessment - validity of reasons to believe - on the application of method of valuation as mandated by the Explanation to Section 56(2)(vii) of the Act, prima facie, the Assessing Officer could not have had reason to believe that income chargeable to tax has escaped assessment. - HC....