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2018 (11) TMI 1237 - AT - Income TaxReopening of assessment u/s 147 - deduction u/s. 801A/IB - reopening beyond a period of four years - eligibility of reason to believe - Held that:- The assessee has correctly relied on the order Hon’ble Supreme Court in the case of Hindustan Lever Ltd. v/s. ITO (2004 (2) TMI 42 - BOMBAY HIGH COURT ) wherein the assessment reopened beyond a period of four years from the end of the relevant assessment year were held to be bad in law where there was no failure on the part of the assessee to disclose the material facts fully and truly in the assessment proceedings. We are of the view that the reassessment framed by the AO is bad in law for the three reasons namely that re-assessment is proposed to be done after four years despite there being no failure on the part of the assessee to disclose materials facts in the return of income of original assessment proceedings; that the re-opening of assessment is just change of opinion without being any tangible material before the AO and that the objections filed by the assessee against the re-opening before the AO were not disposed off by way speaking order and therefore quash the re-assessment proceedings as being without valid jurisdiction and also the consequent order - decided in favour of assessee.
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