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2015 (10) TMI 1610 - AT - Income TaxValidity of reopening of assessment - Held that:- As evident from the reasons that there is no imputation of any failure by the assessee to disclose the relevant material for the purpose of assessment. Under the proviso to section 147 for a re-opening to be valid beyond four years from the end of the relevant assessment year there is a statutory requirement, that the failure on the part of the assessee to fully and truly disclose material facts must be ascertainable before invoking the section. In this case, as it is evident from the notes to the accounts, computation of income, form 29B, available with the AO while completing the assessment u/s 143(3) and while issuing the notice u/s 154 dated 06/11/2008, all the material facts were available with the AO. The reopening is therefore in contravention of the first proviso to section 147. Since there is no new material brought on record by the AO nor any failure on the part of the assessee to disclose primary or material facts the reopening cannot be considered valid. - Decided in favour of assessee.
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