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2014 (9) TMI 120 - AT - Income TaxNotice for reopening of assessment u/s 147 r.w section 148 – True and full disclosure - Held that:- The AO issued notice u/s.148 on 27-03-2012 which is after a period of 4 years from the end of the relevant AY - From the reasons recorded u/s.148 which have already been reproduced, there is no allegation by the AO that there was failure on the part of the assessee to disclose fully and truly all material facts necessary for completion of the assessment - In the computation statement the assessee has clearly reflected the amount of short term capital gain on sale of equity shares and fund from 01-04-2004 to 30-09-2004 - he has also disclosed short term capital gain on sale of debt funds - The brought forward loss of AY 2004-05 which has been set off against the short term capital gain on sale of equity shares/funds and short term capital profit on sale of debt funds are clearly reflected in the computation statement – when there was no allegation by the AO that there was failure on the part of the assessee to disclose fully and truly all material facts necessary for completion of assessment has held the reopening of the assessment as void ab-initio - there is no allegation by the AO that there was failure on the part of the assessee to disclose fully and truly all material facts necessary for completion of the assessment – thus, the reassessment proceedings are held as void - Decided against Revenue.
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