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2016 (7) TMI 1234 - HC - Income TaxValidity of reopening of assessment - failure on the part of the assessee to include certain specified items for the purpose of computation of deduction under Section 80HHC - Held that:- The relevant assessment year is 1997-98 which ended on 31st March, 1998. The order under section 147 was passed on 3rd February, 2005, that is to say, long after four years, after 31st March, 1998, the time to pass an order under section 147 had expired on 31st March, 2002. The revenue could have obtained extension provided there was any failure on the part of the assessee to make a return or to disclose fully and truly all material facts necessary for the assessment. It is nobody’s case that the assessee had failed to file return or had failed to make necessary disclosures. Therefore, the assessment under section 147, if any, could only be made within 31st March, 2002. The assessment made in 2005 is clearly barred by limitation. We do not as such find any infirmity in the order passed by the learned Tribunal in allowing the appeal preferred by the assessee.
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