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2014 (11) TMI 187 - HC - Income TaxReopening of assessment u/s 147/148 Reopening beyond the period of four years Failure to diclose material facts or not - Held that:- The reopening of the assessment has taken place beyond a period of four years of the end of the relevant AY 2007-08 - there is merit in the submission which has been urged on behalf of the petitioner that the reasons which have been disclosed, in fact, would indicate that it is from a perusal of the assessment records that the AO formed an opinion that income had escaped assessment - besides the fact that there is not even an averment in the reasons to the effect that the assessee had failed to fully and truly disclose all material facts necessary for the assessment, it is evident that the reasons for reopening are based on the assessment records - there was no failure on the part of the assessee to fully and truly disclose all material facts necessary for the assessment, for the relevant AY - The jurisdictional condition for reopening an assessment beyond four years has hence not been fulfilled - the reopening of the assessment is contrary to law since the requirement of the proviso to Section 147 has not been fulfilled Thus, the notice for reopening of assessment to be set aside Decided in favour of assessee.
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