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2013 (12) TMI 61 - AT - Income TaxValidity of Reassessment u/s 147 – Held that:- There are no reasons on the basis of which prima facie it can be said that income has escaped assessment. The Ld. CIT(A) was also convinced that reopening is based on the facts which were already on record - It cannot be said that the assessee has failed to disclose fully and truly all material facts - The reopening of the assessment is beyond a period 4 years therefore, the pre-condition for the applicability of Sec. 147 is that there must be a failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessment - Following the decision in case of Titanor Components Ltd., Vs ACIT [2011 (6) TMI 138 - Bombay High Court] - There is a well known difference between a wrong claim made by an assessee after disclosing all the true and material facts and a wrong claim made by the assessee by withholding the material facts fully and truly - Decided against Revenue.
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