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2017 (1) TMI 1657 - HC - Income TaxReopening of assessment u/s 147 - notice beyond the period of four years from the date of the relevant assessment year - eligibility of reason to believe - proof of failure on the part of the assessee to disclose fully and truly all material facts - HELD THAT:- In the present case, at the time of original assessment, which was a scrutiny assessment under Section 143 [3] the assessee disclosed interest expenses in the Profit & Loss Account and investment in the Balance-sheet. The assessee also disclosed in the return of income, the exempt income. The assessee also furnished details of investment at the original assessment stage. Despite the above, the Assessing Officer, while framing scrutiny assessment under Section 143 [3] of the Act did not make any disallowances under Section 14A of the Act. Under the circumstances, it cannot be said that there was any failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment. Assumption of jurisdiction to reopen the assessment beyond the period of four years is without jurisdiction and contrary to the provisions of Section 147 - Decided in favour of assessee.
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