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2014 (6) TMI 211 - AT - Income TaxValidity of reopening of assessment u/s 147 of the Act - Full and true disclosure – Bar of limitation – Held that:- The AO reopened the assessment and the action was confirmed by the CIT(A) on the ground that the information provided by the assessee was not full and true and that there was justification with respect to the AO for reopening the assessment - Even if there is any such allegation, such allegation being justifiable and open to judicial scrutiny, cannot survive - all information was there in the record itself and the reopening of assessment was with reference to the material already available on record - there was no failure on the part of the assessee to disclose fully and truly all material facts - So long as the assessee has furnished full and true particulars at the time of original assessment and so long as the assessment order is framed u/s 143(3) of the Act, it matters little that the AO did not ask any question or query with respect to one entry or note but had raised queries and questions on other aspects - there was no failure on the part of the assessee to disclose fully and truly all material facts that are necessary for its assessment. Relying upon CIT & Anr. Vs. Foramer France [2003 (1) TMI 101 - SUPREME Court] - Revenue was not able to show that there is a failure on the part of the assessee to disclose fully and truly all material facts in the assessment finally made - there is no failure on the part of the assessee to make return or to disclose fully and truly all the material facts necessary for assessment - notice issued by the AO on 27/11/2009 u/s 148 of the Act being issued after 4 years from the end of the relevant AY i.e. 2004- 05 is barred by limitation - Decided in favour of Assessee.
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