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2023 (9) TMI 1153 - AT - Income TaxValidity of reassessment - Notice beyond period of four years - reason to believe - share transactions - HELD THAT: - A.O has recorded the reasons without any tangible material/ fresh material except charges based on the information. The assessee has purchased shares in the financial year 2007-08 The Ld.AR submitted that the information of sale and purchase of shares was already filed on record vide letter in the original assessment proceedings U/sec 143(3) of the Act and the A.O after verifying the facts and information has passed order on 23-03-2015. Therefore the reopening of assessment is based on the same set of facts and is only a change of opinion and no inquiry or independent investigation by the A.O. As the notice issued by the A.O falls beyond the period of time limit specified and the assessing officer has to show/highlight the failure on part of the assessee to disclose fully and truly all material facts at the time of assessment. Accordingly, the notice issued for reassessment is bad in law and quash the assessment order passed u/s 143(3) r.w.s 147 of the Act. Grounds of appeal are allowed in favour of the assessee.
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