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2013 (4) TMI 863 - AT - Income TaxReassessment Proceedings by the AO u/s 147 - Original assessment was made u/s 143(3) and reopening of the assessment has admittedly taken place beyond a period of four years from the end of the relevant assessment year. AO stated that he has reason to believe that the income has escaped assessment by reason of the failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment. Thus he wants to initiate reassessment proceedings u/s 147 - HELD THAT: - Expression u/s 147 is “reason to belief”, such a belief may not be based merely on reasons but it must be founded on information. AO has failed to establish that the assessee did not disclose all material facts at the time of making the original assessment u/s 143(3). Also, initiation of reassessment proceedings by the AO is barred by limitation, thus invalid. Decision in the cases of BAWA ABHAI SINGH VERSUS DEPUTY COMMISSIONER OF INCOME-TAX [2001 (3) TMI 14 - DELHI HIGH COURT] and INCOME-TAX OFFICER, I WARD, DISTT. VI, CALCUTTA, AND OTHERS VERSUS LAKHMANI MEWAL DAS [1976 (3) TMI 1 - SUPREME COURT], relied upon.
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