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2011 (1) TMI 1033 - HC - Income TaxReopening of assessment - deduction u/s 80P(2) - Validity of notice - beyond a period of four years from the end of the relevant assessment year - Held that:- It is apparent that the basic requirement for assuming jurisdiction under section 147 beyond a period of four years from the relevant assessment year is not satisfied as the belief as to escapement of income chargeable to tax from assessment, has not been entertained by the Assessing Officer on the ground that there has been failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessment. The only ground for reopening the assessment is the decision of Madhya Pradesh co-operative Bank Ltd. v. Addl. CIT [1996 (1) TMI 8 - SUPREME Court] which stands overruled by a subsequent decision rendered in the case of CIT v. Karnataka State Co-operative Apex Bank [2001 (8) TMI 9 - SUPREME Court]. In the circumstances, the very basis for reopening the assessment no longer survives. Hence, even on the merits the reopening of assessment is not sustainable. Decided in favor of the assessee
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