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2013 (11) TMI 673 - AT - Income TaxJurisdiction to issue notice u/s 147 in question – Material available at the time of assessment u/s 143(3) but not considered by AO – Reasons to be recorded for re-opening of assessment – Held that:- Reliance has been placed on the judgment in the case of Titanor Components Ltd. Vs. Asstt. CIT & ors [2011 (6) TMI 138 - Bombay High Court], wherein it was held that if there is no failure on the part of the assessee to fully and truly disclose all material facts necessary for assessment for that assessment year and the assessment is made u/s 143(3) and the initiation of reassessment proceedings beyond 4 years from the end of the relevant assessment year is not justified if there is no allegation in the reasons recorded for reopening the assessment that there was any failure on his part to fully and truly disclose material facts necessary for assessment year. Since the above case squarely applies to the facts of the case, in the reasons recorded by the AO there is no such facts mentioned by the AO that the income chargeable to tax has escaped assessment on account of failure on the part of the assessee to fully and truly disclose material facts necessary for assessment of the year under consideration and the reassessment proceedings is also initiated beyond four years from the end of the assessment year and the earlier assessment was also made u/s 143(3) of the Act, initiation of reassessment proceedings is barred by limitation as per proviso to section 147 of the Act. Therefore, we hold that initiation of reassessment proceedings is not valid – Decided against the Revenue.
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