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2007 (6) TMI 183 - HC - Income TaxAssessment was completed u/s 143(3) - Limitation for reopening of the assessment u/s 148 - AO is empowered to reopen an assessment based on a subsequent Supreme Court decision? - The notice u/s 148 was issued after the expiry of four years from the end of the relevant assessment year and the same would amount to change of opinion - HELD THAT:- In case where the assessment is completed u/s 143(3) of the Income-tax Act, the reopening of the assessment u/s 148 beyond the period of four years at the end of the relevant assessment year can be sustained only if it is established that there is a failure on the part of the assessee to disclose fully and truly all material facts. In this case there is no finding that there is failure on the part of the assessee to disclose fully and truly all material facts. Further, all the material facts are available at the time of making original assessment. The Tribunal has correctly followed the principles enunciated in the Supreme Court judgment reported in CIT v. Foramer France[2003 (1) TMI 101 - SC ORDER], as well as this court judgment reported in the case of CIT v. Elgi Finance Ltd. [2006 (3) TMI 105 - MADRAS HIGH COURT] and came to the correct conclusion. Thus, we do not find any error or legal infirmity in the order of the Tribunal so as to warrant any interference. In view of the same, no substantial questions of law arise for consideration of this court and accordingly the tax case is dismissed. Appeals are dismissed.
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