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2014 (8) TMI 756 - ITAT JODHPURReopening of assessment u/s 147 treated as invalid – Assessment reopened after previous sanction of the CIT u/s 151 – Change of opinion - Held that:- The assessee had made full and true disclosure of its income - The AO has issued notice of reopening u/s 148 after expiry of four years - The AO has not recorded any reasons that escapement of any income chargeable to tax was on account of failure on the part of the assessee to file return or to disclose fully and truly all material facts necessary for making assessment of the relevant A.Y - Even if the reasons are properly recorded and approval of the CIT is obtained u/s 151 of the Act, limitation provided in the Act cannot be increased - Notice u/s 148 is found to be clearly beyond four years of the completion of the regular assessment order - no new material or information has come to the knowledge of the AO. The interest of the bank is not outstanding liability in the balance sheet of the assessee - The entire exercise undertaken by the A.O amounts to change of his opinion which law does not permit him to do so – relying upon Banswara Syntex Ltd. Versus Assistant Commissioner of Income-Tax [2004 (3) TMI 13 - RAJASTHAN High Court ] - if the escapement of income believed by the AO is not attributable to any failure on the part of the assessee in filing return u/s 139 or 148 or to failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment, the proceedings for assessment or reassessment of any AY cannot be initiated after expiry of four years from the end of the AY for which assessment or reassessment is sought to be made u/s 147 of the Act – Decided against Revenue.
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