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2013 (7) TMI 227 - HC - Income TaxDeduction u/s 10B - Re-asssessement - Excess deduction granted than entitlement - Held that:- quite apart from the reasons recorded for re-assessement, even from the record, nothing emerges to permit the Assessing Officer to form a belief that income chargeable to tax had escaped assessment for the reason of the assessee’s failure to disclose truly and fully all material facts - There was no failure on the part of the assessee to disclose true and full facts - Therefore, beyond the period of four years to the relevant assessment year, the assessment could not have been reopened - Decided in favour of Assessee. Reasons of re assessement not given - Held that:- upon receipt of notice for reopening dated 9.3.2012, the petitioner had requested the Assessing Officer under its communication dated 19.3.2012 for supplying the reasons recorded by him. Since the reasons were not supplied, the petitioner reiterated the request under communication dated 18.7.2012. The reasons were ultimately communicated under letter dated 6.3.2013 - Entire sequence of events will demonstrate that the Assessing Officer effectively frustrated the directives contained in the decision of the Supreme Court in the case of GKN Driveshafts (India) Ltd v. I.T.O. [2002 (11) TMI 7 - SUPREME Court] - The entire purpose to supply reasons recorded by the Assessing Officer to the petitioner-assessee is that the the assessee would have a fair opportunity of raising objections and an expectation that such objections would be considered objectively - Though the reasons were very much available with the Assessing Officer, he consumed nearly one year in supplying the same leaving less than four weeks before the assessment was to become time-barred. - Notice quashed - Decided in favor of assessee.
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