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2012 (7) TMI 659 - HC - Income TaxReopen the assessment u/s 147 - issue of notice u/s 148 - case is reopened after the expiry of four years - Held that:- On perusal of the reasons recorded shows that there is nothing whatsoever to indicate that there is any failure on the part of the petitioner to disclose fully and truly all material facts - AO on an arithmetical calculation of the turnover of the previous years and raw material consumed as against raw material consumed in the year under consideration concluded that the turnover should be higher than that stated by the petitioner and formed any belief that any income chargeable to tax has escaped assessment - is settled legal position that section 147 cannot be exercised for making a roving inquiry and that the Assessing Officer, before reopening the assessment has to form a belief that income chargeable to tax has escaped assessment - the petitioner had placed all relevant material on record - in favour of assessee.
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