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2014 (8) TMI 1140 - AT - Income TaxReopening of assessment - full and true disclosure of all material facts - change in share holding pattern of the assessee company provisions of sec.79 - Held that:- In the present case, as the facts narrated in the original assessment order regarding change of share holding pattern which has been acknowledged by the AO in Para 2 of its Order dated 24.03.2006 it is obvious that all the necessary facts were disclosed by the assessee. In the reasons recorded for reopening, the AO acknowledges this position but proceeds with his satisfaction on the ground that applicability of Sec.79 was not examined by the Assessing Officer. As stated above after disclosing all the material evidences, it was not for the assessee to lead the AO as to what inferences could be drawn by him as this work falls in the domain of the AO. It is undisputed that the assessee had disclosed all the material facts relevant for the assessment. As per proviso to Sec.147, the AO could not exercise jurisdiction to reopen the assessment after lapse of four years. CIT(A) was justified in holding that the Assessing Officer lacked jurisdiction to reopen the assessment proceedings by virtue of operation of 1st proviso to Sec.147 and accordingly reopening was rightly held as not valid. - Decided against revenue.
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