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2014 (2) TMI 121 - GUJARAT HIGH COURTNotice for reassessment u/s 147 of the Act – Held that:- Notice under section 148 of the Act has been issued on 27/4/2011 in relation to the Assessment Year 2005- 06 – it has been issued after expiry of a period of four years from the end of the relevant assessment year – as per section 147 of the Act, where assessment has been framed under section 143(3) of the Act, no action can be taken under section 147, unless income chargeable to tax has escaped assessment by reason of the failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment, for the assessment year - there is not even a whisper to the effect that income has escaped assessment on account of any failure on the part of the petitioner to disclose fully and truly all material facts necessary for its assessment. There is no allegation of any such failure on the part of the petitioner - the requirement of the proviso to section 147 are not satisfied - in absence of any satisfaction having been recorded by the Assessing Officer that the income has escaped by reason of the failure on the part of the petitioner to disclose fully and truly all material facts necessary for its assessment for the Assessment Year under consideration, assumption of jurisdiction under section 147 of the Act is failure – thus, the notice under section 147 of the Act cannot be sustained – Decided in favour of Assessee.
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