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2014 (3) TMI 503 - AT - Income TaxReopening of assessment u/s 147 of the Act - Allowability of exemption u/s 10B of the Act – Hedl that:- There is no doubt from reading of the reasons recorded all the relevant factors were disclosed by the assessee during the original assessment as the original assessment was completed u/s. 143(3) of the Act vide order dated 28.11.2008 and the deduction claimed by the assessee u/s. 10B of the Act was granted - Notice for reopening of assessment was given on 17.2.2011 – thus, there is no failure to truly and fully disclose all material facts for the purpose of assessment by the assessee - It is only a question of drawing inference from these facts - The inference from the available documents on record has to be drawn by the Assessing Officer - Since the AO did not draw the correct inference or failed to draw inference, it does not mean that there was non-disclosure of all facts by the assessee - the finding of the CIT(A) upheld and he has not committed an error in coming to the conclusion that the assessee has disclosed all material facts and they were before the AO at the time of completion of original assessment u/s. 143(3) of the Act - the Explanation to second proviso to section 147 of the Act has no application – Decided against Revenue.
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