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2015 (1) TMI 1162 - BOMBAY HIGH COURTReopening of assessment - proceedings are sought to be initiated after the period of four years from the end of relevant Assessment Year - As the provisions of 195 of the IT Act is very clear the amount of ₹ 1064281/- required to be disallowed and added back to the total income of U/s 40(A) failure to do so has resulted into u/a of income of ₹ 1064281/- - Held that:- The reasons supplied to the Petitioner do not disclose that there was any failure on the part of the Petitioner to provide all the material facts. That being the position, this ground could not have been taken up against the Petitioner at the time of disposing of the objections. Once this was not the basis for issuance of notice for Reassessment, it cannot be held against the Petitioner that the Petitioner had failed to make a true and full disclosure. It will have to be held that the Petitioner did not fail to make full and true disclosure of all material facts. The jurisdictional requirement for carrying out the reassessment, after the expiry of period of four years, is not fulfilled in the present case. - Decided in favour of assessee.
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