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2010 (12) TMI 890 - AT - Income TaxReopening - Capital gain and profit u/s 41(2) - Validity of notice - It is stated by the learned counsel that the assessment year under consideration is 1986-87 and notice under section 148 for reopening of the assessment was issued on 27-3-1997 - it is evident that in the reasons recorded for reopening of the assessment, the Assessing Officer has referred to the order of the CIT(A) in the case of "ILBPL" dated 4-3-1994 for assessment year 1988-89 - it is abundantly clear that the assessee has duly disclosed the fact of revaluation of the assets, creation of self-generated assets viz., goodwill and also that the difference between the cost and the revalued amount of the assets is transferred to the partners' capital account - Moreover, during the original assessment proceedings, the Assessing Officer made enquiry on this point and in reply to such query also the assessee stated about revaluation of the assets as well as creation of the self-generating assets - Held that: There was no failure on the part of the assessee to disclose fully and truly all the material facts necessary for the assessment - Decided in favor of the assessee
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