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2021 (4) TMI 445 - ITAT DELHIValidity of reopening of assessment u/s 147 - undisclosed share capital - whether assumption of jurisdiction u/s. 148 was by Ld. AO was in violation of mandatory jurisdictional conditions stipulated under the Act? - HELD THAT:- The Section mandates that the case can only be reopened after expiry of four years only if there was a failure on the part of the assessee to fully and truly disclose all material facts necessary. The assessee has disclosed the fact of receipt of ₹ 60,00,000/- towards the share capital in the regular return filed which has been scrutinized u/s. 143(3). In the reasons recorded for reopening, the Assessing Officer has not mentioned anything with regard to failure on the part of the assessee to disclose all the material facts. This matter has been examined by the Hon'ble Apex Court in the case of NDTV Ltd. Vs DCIT [2020 (4) TMI 133 - SUPREME COURT], in the case of BPTP Ltd. [2020 (1) TMI 56 - DELHI HIGH COURT], Haryana Acrylic Manufacturing Company [2008 (11) TMI 2 - DELHI HIGH COURT]. The Coordinate bench of Tribunal in the case of RMP Holdings Pvt. Ltd. [2020 (11) TMI 402 - ITAT NEW DELHI] relied on judgments of the Hon'ble Courts and held that the Assessing Officer has to specifically record reasons with regard to failure of the assessee to disclose fully and truly all material facts. Thus we hereby quash the reassessment proceedings initiated u/s.147. - Decided in favour of assessee.
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