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2014 (10) TMI 530 - HC - Income TaxNotice for reopening of assessment u/s 148 – Failure to disclose material facts or not – Additional depreciation on windmill – Held that:- Assessee had clearly shown that it had claimed additional depreciation on the windmill - there does not appear to be any failure on the part of the petitioner to disclose fully and truly all material facts - a mere wrong claim cannot be said to amount to failure to disclose fully and truly all material facts, more so, when all relevant facts were disclosed in the return of income and the documents accompanying the same - by no stretch of imagination can it be said that the assessee had failed to disclose fully and truly all material facts necessary for its assessment so as to vest in the AO the jurisdiction to reopen its assessment after the expiry of a period of four years from the end of the AY by invoking the proviso to section 147 of the Act - the reopening of assessment u/s 147 of the Act is without any authority of law - The assumption of jurisdiction on the part of the AO is without authority of law and it is not necessary to enter into the larger question as to whether or not the petitioner could have validly made such claim u/s 32(1)(iia) of the Act – thus, the notice issued u/s 148 is to be set aside – Decided in favour of assessee.
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