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2013 (7) TMI 536 - HC - Income TaxReassessment - disclosure of truly and fully all material facts - notice u/s 148 issued after 4 years - TDS u/s 194H - nature of transaction - discount or commission - recording of reasons for reopening of assessment - True and full disclosure – retrospective amendment to section 115JB - Held that:- There was no failure on part of the assessee to disclose true and full material facts. The petitioner's contention that deduction of tax at source as required under law was made, has not been rebutted by the respondent / revenue. - Before the Assessing Officer full details of payment of commission were available. There was no failure on part of the petitioner to disclose true and full material facts. It is true that the petitioner supplied only the details of those agents who received commission in excess of Rs. 50 lakhs. However, to our mind, this was not material. It is not even the case of the Assessing Officer that the requirement of deducting tax at source had any relevance to the payments in excess of Rs. 50 lakhs or below. Regarding reopening due to retrospective amendment u/s 115JB - Held that:- Surely, beyond a period of four years this cannot be a ground for reassessment on assessment. - Such legal proposition requires no authority of law. - Following the decision in Denish Industries Ltd. v. ITO (2004 (7) TMI 72 - GUJARAT High) decided in favour of assesse.
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