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Court Invalidates Assessment Reopening: AO's Incorrect Facts and Poor Consideration u/ss 147 and 68 Lead to Annulment.
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....Reopening of assessment u/s 147 - Addition u/s 68 - AO has mentioned wrong and incorrect facts in the reasons recorded for reopening of the assessment and did not apply his mind to the information received from Investigation Wing. Thus, the reopening of the assessment is invalid and bad in law and is liable to be quashed. - AT....
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