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2011 (7) TMI 53 - HC - Income TaxReopen assessment - Since, during the course of assessment proceedings for assessment year 200304 all material facts relating to the transfer of shares of Hatch Investments by Nedcor Bank Limited to Dimension, as well as the fact that the effective shareholding of Nedcor Bank Limited in the assessee Company has been reduced from 76.25% to 38.125% as on 31st March 2003 was disclosed to the assessing officer - Thus, the fact that the effective shareholding of Nedcor Bank Limited in the assessee company has gone down below 51% was specifically brought to the notice of the assessing officer by the assessee - It cannot be said that there was any failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessment - If there is no failure to disclose fully and truly all material facts necessary for the purpose of assessment, then, as per the proviso to Section 147 of the Act reopening of the assessment beyond four years from the end of the relevant assessment year cannot be sustained.
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