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2014 (11) TMI 188 - HC - Income TaxReopening of assessment u/s 147/148 – Notice issued beyond four years - Held that:- The reasons recorded do not even allege that there has been any failure on the part of the assessee to make a full and true disclosure of the particulars necessary for making the assessment - there is no non-disclosure as the assessee had made it clear in the computation of income that the rate of tax applicable was 15% in view of the Article 11(2) of the India-Australia Double Tax Avoidance Treaty - the rate of tax more beneficial to the assessee would have to be applied - The rate of 15% was accepted by the AO – AO has considered this aspect of the matter and such consideration could not have been done unless and until the petitioner/assessee had made the full and true disclosure of the material particulars - the notice in this petition has not been withdrawn because the Revenue’s audit objections are still alive - the notice is without jurisdiction and it is to be set aside – Decided in favour of assessee.
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