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2004 (7) TMI 72 - GUJARAT HIGH COURTReopening of assessment on the ground that on account of the insertion of Explanation 8 to section 43(1) as introduced by the Finance Act, 1986, with retrospective effect from April 1, 1974, the assessee was not entitled to claim depreciation or investment allowance on the capitalisation of interest paid after the date on which the machinery was first installed and put to use. – Held that for the purpose of deciding the question under section 147 whether the assessee had disclosed fully and truly all material facts necessary for the relevant assessment year, the law applicable would be the law as it stood on the date of filing of the return. - we are of the view that there was no failure on the part of the assessee to disclose truly and fully all material facts. Therefore, the condition precedent for invocation of the powers under section 147 read with sections 148 and 149 was not fulfilled. – impugned notice is quashed
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