High Court Rules: Concrete Reasons Required for Reopening Assessments u/s 147 of Income Tax Act.

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....Reopening of assessment u/s 147 - Reasons to believe - AO was not having any reason to believe for initiating re-assessment - There cannot be any re-assessment for a reason to suspect and re-assessment is only to be done if the AO has reasons to believe that the Assessee has escaped assessment - HC....