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2014 (7) TMI 645 - HC - Income TaxNotice u/s 148 of the Act – Reopening of assessment beyond 4 years – Failure or not to disclose the material facts – Principle of consistency - Held that:- The reasons for reopening very categorically state that it is only during the assessment proceeding for AY 2009-10 that various documents including the loan application and sanction letter of HDFC Limited were called for - prima facie it appears that the AO on the basis of the information obtained during the assessment proceeding for AY 2009-10 came to the reasonable belief that income chargeable to tax has escaped assessment - The reasons for reopening indicate prima facie that the interest deduction claimed under the head "income from other sources" could not have been claimed as the loan was obtained for the purpose of residential property and the claim for interest u/s 24 of the Act could not be granted as no property was purchased from the loan taken - it cannot be said at this stage that there was no reason to believe in the mind of the AO that income chargeable to tax has escaped assessment for the purpose of issuing the notice dated 29 February 2012 – The decision in CIT vs. Rajesh Jhaveri [2007 (5) TMI 197 - SUPREME Court] followed - Decided against Assessee.
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