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2003 (11) TMI 59 - HC - Income TaxNotice u/s 148 proposing to reopen the completed assessment – disclosure of necessary facts - claim of deduction on account of loss in share value - petitioner-assessee, had furnished all material facts truly and fully before the assessing authority at the relevant point of time - Where full and true disclosure of facts was made by an assessee, the Department cannot reopen the assessment even if there is loss of revenue or even if legal inference drawn by the assessing authority was erroneous in the first place
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