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2014 (7) TMI 140 - HC - Income TaxReopening of assessment u/s 148 of the Act full and true disclose of all material facts Held that:- The reasons as recorded, when read as a whole do not indicate even remotely any failure on the part of the assessee to disclose fully and truly any material facts necessary for assessment - The only reason recorded by the AO for re-opening is the subsequent decisions of Tribunal and Courts - There is no whisper of any facts indicating that the assessee had not having disclosed any fact which led to a reasonable belief that income chargeable to tax has escaped assessment - the reasons as recorded for issuing the notice dated 10th January 2005 do not satisfy the jurisdiction requirement in case of notice issued beyond a period of four years from the end of the relevant Assessment Year i.e. 1998-99 the notice does not satisfy the jurisdictional requirement of reasonable belief that income chargeable to tax has escaped assessment on account of the assessee failure to disclose truly and fully material facts necessary for assessment. Relying upon DIL Ltd. v/s. Assistant Commissioner of Income Tax and Others [2012 (2) TMI 85 - BOMBAY HIGH COURT] - In view of the retrospective amendment of law by Parliament, the AO may have reason to believe that income has escaped assessment - But that in itself is not sufficient for reopening an assessment beyond the period of four years - Beyond the period of four years when an assessment is sought to be reopened, there must be a failure on the part of the assessee to fully and truly disclose all material facts necessary for assessment - re-opening of an assessment beyond a period of four years from the end of the Assessment Year in the absence of any failure on the part of the assessee to fully and truly disclose all material facts necessary for the assessment would not give jurisdiction to issue notice under Section 148 of the Act Decided in favour of Assessee.
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