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2014 (7) TMI 11 - GUJARAT HIGH COURTReassessment - Applicability of Explanation 1 to Proviso 1 of Section 147 of the Act - Failure to disclose material facts – Held that:- It is required to be noted that, as such, in the reasons recorded by the AO for reopening the assessment u/s 148 of the Act, it was not the contention of the AO that there was any failure on the part of the assess to disclose the material facts truly and correctly - it is required to be noted that, as such, there are concurrent findings recorded by both the authorities that reassessment proceedings were initiated / assessment was reopened beyond a period of four years - the view taken by the CIT(A) and ITAT is upheld that the reassessment was opened after a period of four years and if that be so, unless and until it was alleged or established that there was any failure on the part of the assessee to disclose the material facts truly and correctly, it was not permissible to AO to reopen the assessment u/s 148 of the Act - even in the reasons recorded by the AO, it is not alleged that there was failure on the part of assessee to disclose the material facts truly and correctly - no error has been committed by the CIT(A) and ITAT in holding that the reassessment proceedings were bad in law – thus, there was no reason to interfere in the order of the Tribunal and no substantial question of law arises for consideration – Decided against revenue.
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