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2013 (7) TMI 479 - HC - Income TaxReopening of assessment - whether it was permissible for the AO to reopen the assessment on the same grounds on which the assessment was reopened earlier and was quashed by the Commissioner (Appeals) in the assessee's appeal – the order passed by the Commissioner (Appeals) it is apparent that the earlier assessment was set aside on the ground that the AO had not recorded reasons for reopening the assessment which is a condition precedent for issuing notice u/s 148(2) – thus proceedings initiated earlier had been set aside on the ground that the same were initiated without compliance with the mandatory provisions of section 148(2) when earlier order stood annulled on the ground of lack of fulfilment of the basic requirement for exercise of jurisdiction under section 147 - there is no bar against reopening the assessment once again on the same grounds after following due procedure in accordance with law. Limitation on reopening of assessment - whether the reopening of assessment beyond a period of four years from the end of the relevant assessment year is valid – the AO has recorded twin satisfaction as required under the proviso to section 147 - the fact that such income has escaped assessment because the assessee had suppressed the closing stock –escapement is by reason of failure on the part of the assesee to disclose fully and truly all material facts necessary for its assessment - when there is suppression it goes without saying that there is failure to disclose fully and truly all material facts even if the same is not expressly stated in such terms - no infirmity in the action of the revenue in reopening the assessee’s assessment for the assessment year under consideration by issuance of notice u/s 148 – petition decided against assessee.
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