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2015 (9) TMI 1062 - HC - Income TaxReopening of assessment - Held that:- The "reasons to believe" as recorded by the Assessing Officer does not aver that the assessee had failed to fully and truly disclose all material facts necessary for the assessment, which is a condition precedent for reopening the assessment after four years. The reason to believe only indicates that the reasons for reopening is based on the assessment records and the balance sheet. In our view, the foundational requirement for reopening an assessment beyond four years had not been fulfilled, as per the proviso to Section 147, which is a condition precedent. Consequently, we are of the opinion that the notice issued for reopening the assessment was contrary to law since it did not meet with the foundational requirement of the proviso to Section 147. Similar view was held by this Court in ACI Oils P. Ltd. Vs. DCIT and Anr., (2014 (11) TMI 187 - ALLAHABAD HIGH COURT), which is fully applicable in the present case. - Decided in favour of assessee.
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