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2015 (5) TMI 1085 - HC - Income TaxValidity of reopening of assessment - failure on the part of the assessee to disclose truly and fully all material facts necessary for assessment with respect to the deemed divident under Section 2(22)(e) - proceedings initiated beyond the period of four years - Held that:- Applying the decision of the Division Bench of this Court in the case of Niko Resources Ltd. (2014 (9) TMI 892 - GUJARAT HIGH COURT ) as well as Gujarat Lease Financing Limited (2013 (10) TMI 101 - GUJARAT HIGH COURT), to the facts of the case on hand and as observed hereinabove, there does not appear to be failure on the part of the assessee to disclose truly and fully all material facts necessary for assessment with respect to the deemed divident under Section 2(22)(e) of the Act, the initiation of the impugned reassessment proceedings which are initiated beyond the period of four years, are not permissible and the same cannot sustain and on that ground alone, the impugned reassessment proceedings deserve to be quashed and set aside. 6.0. In view of the above and for the reasons stated, on the aforesaid ground alone and not on merits with respect to deemed dividend under Section 2(22)(e) of the Act and as it is found that condition precedent for assumption of jurisdiction under Section 147 of the Act are not satisfied, the impugned notice under Section 148 of the Act and consequently reassessment proceedings for AY 2007-08 are hereby quashed and set aside. - Decided in favour of assessee
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