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2014 (3) TMI 650 - BOMBAY HIGH COURTValidity of notice u/s 148 of the Act – Reopening of assessment – Proper disclosure of material facts - Held that:- The notice dated 30 March 2013 has been issued beyond the period of 4 years from the end of the relevant assessment year 2006-07 - The jurisdictional requirement in such a case as provided under first proviso to Section 147 of the Act is that there must be failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment - the assessment for assessment year 2006-07 is sought to be reopened on the basis of the material which is already on record - there is no averment also in the reasons for reopening the assessment that there has been any failure on the part of the petitioner to truly and fully disclose all material facts necessary for assessment - the jurisdictional requirement for issuing a notice under Section 148 of the Act beyond the period of 4 years from the end of the relevant assessment year is not satisfied - the assessee has disclosed fully and truly all material facts necessary for assessment – thus, the notice u/s 148 of the Act as well as order set aside – Decided in favour of Assessee.
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