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2018 (6) TMI 1767 - ITAT JAIPURReopening of assessment u/s 147 - assessment beyond the period of 4 years from the end of the relevant assessment year - HELD THAT:- When the AO has not found any infirmity in the claim of the assessee of receiving share application money against allotment of shares to M/s. Lexus Infotech Ltd. and M/s. Vanguard Jewels Ltd. while completing the assessment under section 143(3) on 7th December, 2009 then the reopening after 4 years in the absence of failure on the part of the assessee to disclose fully and truly all material necessary for assessment is not valid. As mandatory condition as per the proviso to section 147 that when the assessment is completed under section 143(3) then no action shall be taken under this section after expiry of 4 years from the end of the relevant assessment year until and unless income chargeable to tax has escaped assessment by the reason of failure on the part of the assessee to disclose all the material facts necessary for assessment. When the AO himself has not made any allegation against the assessee to disclose fully and truly all material facts necessary for the assessment then the reopening after 4 years is without jurisdiction of the AO as the existence of the jurisdictional condition precedent to exercise of power to reopen the assessment beyond the period of 4 years from the end of the relevant assessment year has not been established. We hold that the reopening in the case in hand is not valid and the same is quashed. Thus the consequential reassessment order passed by the AO is set aside. - Decided in favour of assessee.
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