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2011 (1) TMI 1032 - HC - Income TaxRe-opening of assessment - Validity of notice - Held that:- As it is apparent that in so far as the assessment years 1991-92 to 1995-96 are concerned, the impugned notices under section 148 have been issued on May 30, 2001 and as such are clearly beyond the period of four years from the end of the relevant assessment year - in the absence of any failure on the part of the petitioner to dis-close fully and truly all material facts necessary for its assessment. As regards the assessment years 1996-97 to 1998-99 - Held that:- In the circumstances, the decision of Gujarat State Co-operative Bank Ltd. v. CIT [2000 (11) TMI 45 - GUJARAT High Court] 250 ITR 229 (Guj) for the purpose of arriving at the opinion that income has escaped assessment has been reversed by the decision of Gujarat State Co-operative Bank Ltd. v. CIT [2001 (8) TMI 15 - SUPREME Court] which forms the basis for reopening of assessment, itself is no longer good law and as such the very substratum for reopening the assessment falls - In favour of assessee.
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