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2015 (1) TMI 46 - AT - Income TaxReopening of assessment - Computing the book profit u/s. 115JB - interest accrued but not paid by the assessee - Change of opinion - Held that:- it is evident that the reopening cannot be resorted to where the assessment has been framed under section 143(3) of the I.T. Act, after the expiry of 4 years unless the same is due to failure on the part of the assessee to disclose full or truly all material facts necessary for the assessment. - reopening in this case is clearly hit by the proviso to section 147. As already held by us as above, there is no failure on the part of the assessee to disclose fully and truly all material facts. Hence, the reopening in this case after 4 years under section 148 is not valid. Accordingly, the assessment framed in this case are hence, liable to be quashed and they are quashed as such. - reopening in this case is clearly hit by the proviso to section 147. As already held by us as above, there is no failure on the part of the assessee to disclose fully and truly all material facts. Hence, the reopening in this case after 4 years under section 148 is not valid. Accordingly, the assessment framed in this case are hence, liable to be quashed and they are quashed as such. - there is also change of opinion on the part of the AO which is also not permissible and the assessment on this account is also liable to be quashed. - assessment order passed in this case under re-assessment is void and hence, the same is quashed - Decided against Revenue.
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