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2019 (6) TMI 1485 - AT - Income TaxReopening of assessment u/s 147 - notice u/s.148 issued after expiry of 4 years - loan liability of the assessee has been ceased and this remission in the loan liability ought not to be treated a capital receipt rather it is taxable u/s. 41(1) - HELD THAT:- Proviso appended to section 147 creates an embargo on the powers of assessing officer to reopen an assessment where scrutiny assessment has been passed and four years have expired from the end of the relevant assessment year. AO cannot reopen assessment unless it is established that on account of failure of assessee to disclose all material facts fully and truly income has escaped assessment. A perusal of the reasons would reveal that assessing officer has nowhere recorded that on account of failure of the assessee to disclose all material facts fully and truly, income has escaped assessment. Unable to lay his hands on any new information, he has only re-appreciated the information already possessed by him and considered in the scrutiny assessment. There is no allegation against the assessee for withholding of any information. In such situation, the reopening of assessment is not justifiable - Decided in favour of assessee.
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