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2015 (10) TMI 2112 - AT - Income TaxReopening of assessment - undisclosed change in shareholding pattern - claim of set off of brought forward business loss and depreciation denied - Held that:- A perusal of the return of income in particular exhibit-5 shows that the details of share holders PAN was given by the assessee under the head other information. Under the head ‘Other information’ details of equity shares are provided and statement of set off of unabsorbed losses and allowances brought forward from earlier years is given. As mentioned elsewhere pertaining to details in relation to the change in shareholding pattern was specifically explained as mentioned at para 6.5 of the order. Thus, the very material fact was available at the time of the original assessment proceedings. Therefore, the second condition is also fulfilled by the assessee as it has made available the material facts necessary for making the assessment. In the light of the reasons for reopening of the assessment, in our considered opinion, there is no reference to any failure on the part of the assessee to fully and truly disclose all material facts necessary for assessment. There is not even a whisper of failure by the assessee to disclose material facts. Therefore, there is no valid ground for reopening the assessment. We, accordingly, set aside the notice issued u/s. 148 of the Act and also the impugned assessment order. - Decided in favour of assessee.
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