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2015 (2) TMI 330 - HC - Income TaxReopening of the assessment - Tribunal held reopening within the period of limitation - addition towards unexplained cash credit - Held that:- In the present case, the relevant assessment year is 1994-95 and the limitation period of four year expires on 31.03.1999. In the present case, the impugned notice is issued on 07.03.2000 which means that the notice is issued after the period of limitation. From the perusal of assessment order as well as assessment records there seems to be no evidence whatsoever to conclusively prove that the cash credits of the assessees were not genuine. The entire information available at the time of reassessment was also available at the time of original assessment as well and the Assessing Officer while completing the original return had accepted the cash credits as genuine in the assessment framed u/s 143(3).There is nothing on record to indicate any omission on the part of the assessee in fulfilling any obligation in law. Whether the Assessing Officer while framing original assessment had failed to work out the tax liability correctly or not, the assessee cannot be charged for any omission. In case the assessee had laid a claim to a particular amount, it was the job of the Assessing Officer to correctly compute the tax liability. Merely making a claim cannot be stated to be non-disclosure of material facts so as to vest in the Assessing Officer jurisdiction under section 147 of the Act. See Parashuram Pottery Works Co. Ltd. vs. Income-tax Officer reported in [1976 (11) TMI 1 - SUPREME Court] and Cadila Healthcare Ltd vs. Deputy Commissioner of Income-tax reported in [2010 (5) TMI 570 - Gujarat High Court ]. - Decided in favour of the assessees
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