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2016 (1) TMI 28 - AT - Income TaxReopening of assessment - Held that:- Reason recorded for issuing notice under section 148 clearly indicates that the reopening done without even an allegation that the assessee has failed in its statutory obligation to disclose fully and truly the material facts necessary for the computation of income and as such cannot be held to be valid in law and need to be cancelled on this primary ground only. There is not even an allegation in the reasons that assessee has failed to disclose fully and truly all material facts for the computation of its income. See Minda Industries case [2015 (6) TMI 804 - ITAT DELHI] In the present case both the authorities below have gone wrong in deciding the reopening as valid. However, it is established that that in the present case the issue reopening of assessment is incorrect and invalid. Therefore, quash the orders of the authorities below on this legal issue and decide the same in favor of the assessee.
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