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2018 (12) TMI 1661 - AT - Income TaxValidity of reopening of assessment - validity of reason to believe -notice beyond the period of 4 years - HELD THAT:- A perusal of the assessment order clearly shows that ld. Assessing Officer has issued a notice u/s.148 of the Act beyond the period of 4 years without having any fresh evidences nor pointing out what is the failure on the part of the assessee to truly and fully disclosed material facts required for his assessment. This being so, the reopening of the assessment itself is invalid. Even on merits, it is not disputed that interest receipt has been taxed. Once the interest receipt has been taxed, obviously the expenditure incurred in respect of earning such interest receipt being the interest outgo is also liable to be allowed. This being so, even on merits no addition is called for. - Decided in favour of assessee.
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