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2018 (5) TMI 2103 - AT - Income TaxReopening of assessment u/s 147 - Addition u/s 68 - assessee has not satisfactorily explained the identity and creditworthiness of the shareholder and the genuineness of the transactions - HELD THAT:- As the original assessment in the instant case was completed u/s 143(3) on 02.04.2009 and the Assessing Officer had accepted the raising of share capital on the basis of various details furnished by the assessee and since the notice has been issued after a period of four years from the end of the relevant assessment year and in the said notice there is no allegation of any failure on the part of the assessee to disclose fully and truly all material facts necessary for completion of the assessment, therefore, we do not find any infirmity in the order of the ld. CIT(A) in holding that the reopening of the completed assessment u/s 148 and re-assessment u/s 147/143(3) is not as per law and are void ab-initio. The various decisions relied on by ld. DR are distinguishable and not applicable to the facts of the present case. The grounds raised by the Revenue are therefore dismissed.
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