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2014 (12) TMI 842 - BOMBAY HIGH COURTValidity of reopening of assessment u/s 147 r.w section 148 – failure on the part of the assessee to disclose fully and truly all facts or not - Held that:- The reasons in support of the impugned notices do not in any manner indicate failure on the part of the assessee to fully and truly disclose all material facts necessary for assessment - the reasons recorded that the original claim for deduction made by the Petitioner for AY 1998-99 was for ₹ 1.66 Crores and the AO allowed deduction of only ₹ 1.64 Crores while the claim for deduction in AY 1999-2000 was ₹ 2.69 Crores and the AO allowed deduction of ₹ 2.39 Crores – in Sesa Goa Ltd. v. CIT [2004 (5) TMI 54 - BOMBAY High Court] it was held that a subsequent decision cannot justify re-opening of an assessment beyond a period of four years from the end of the relevant AYs unless there is a failure to disclose fully and truly all facts necessary for Assessment - This is a jurisdictional requirement – thus, there was no failure on the part of the assessee to disclose fully and truly all facts for assessment –thus, the impugned notices dated 25th January, 2006 and subsequent impugned orders dated 7th March, 2006 for Assessment Years 1998-99 and 1999-2000 are not sustainable – Decided in favour of assessee.
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