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2014 (7) TMI 43 - HC - Income TaxValidity of reopening of notice u/s 148 of the Act - Mere change of opinion – Held that:- The notice issued u/s 148 of the Act is beyond the period of four years from the end of relevant AY - The reasons recorded do not indicate anywhere that the income for the relevant AY has escaped assessment on account of assessee not having disclosed any material fully and truly - The reasons does speak of the Form No. 10 submitted by the assessee not having reflected the setting apart of a sum of Rs. 93.20 lakhs for any specific purpose - When the reasons themselves do not indicate anywhere that the assessee had not truly and fully disclosed all material facts now has any material brought to reveal non-disclosure - for the subsequent year, the notice for reopening was within the period of four years and yet on examination of the fact - it was a mere change of opinion on the part of the AO who previously framed assessment on scrutiny and the notice came to be quashed – the assumption of jurisdiction on the part of the AO itself is not sustainable – Decided in favour of Assessee.
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