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2011 (8) TMI 864 - GUJARAT HIGH COURTReopening - AO, issued the impugned notice dt. 30th March, 2010, indicating that he has reason to believe that income chargeable to tax for the asst. yr. 2004-05 has escaped assessment within the meaning of s. 147 of the Act and therefore, he proposed to assess the income - It is by now well-settled that reopening beyond four years of end of the relevant assessment year would be permissible if the AO has reason to believe that income chargeable to tax has escaped assessment and further that such escapement was by reason of failure on the part of the assessee to make a return under s. 139 or in response to a notice under sub-s. (1) of s. 142 or s. 148 or to disclose fully and truly all material facts necessary for assessment - assessee had also forwarded the certified true copy of the receipts obtained from the depositors. After discussing the response of the assessee and the evidence produced and other related materials, the AO held that an amount of Rs. 28,15,845 claimed to have been received by the assessee from different secured creditors did not satisfy the requirement of law and that therefore, this figure was added in the income of the assessee under s. 68 of the Act - It, therefore, cannot be stated that the income of the assessee with respect to such items escaped assessment on account of any failure on part of the assessee to fully and truly disclose all material facts - Decided in favor of the assessee
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