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2012 (12) TMI 255 - AT - Income TaxReopening of Assessment - Escapement of Income - The objection of the assessee remained that the notice issued by the AO u/s 148 was beyond a period of four years from the end of the asstt. Year, hence it was barred by limitation under the proviso to section 147 of the Act. - Held that:- AO completely overlooked the record of the assessment before initiating the proceedings which inter alia reflected that the assessee had claimed only deduction of ₹ 45,57,381/- towards gratuity and ₹ 5,84,045/- represented the liability towards bonus which too had been paid before the due date of filing of the return of income. All material facts necessary for the assessment had been truly and fully disclosed during the course of original assessment u/s 143(3) of the Act, hence initiation of reassessment proceedings u/s 147 / 148 was illegal in view of the specific proviso to section 147 of the Act. - There was neither fresh material surfaced after the original assessment nor in the reassessment proceedings disallowance made by the AO which was not made by his predecessor in the original assessment order, was based on suppression of primary information on the part of the assessee. - Decided in favor of assessee.
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