Reopening of assessment not permitted for carrying out fishing inquiries: HC

IT : Where assessee was engaged in development of land and Assessing Officer had reopened assessment of assessee for reasons that (i) on checking of record of assessee it was found that it was a builder and, therefore, to verify intelligence gathered by Intelligence Wing, it was necessary to carry out detailed inquiry, and (ii) it had developed a society land which according to information received did not contain any agreement, Assessing Officer wished to carry out a fishing inquiry and reopeni

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