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2022 (12) TMI 1460 - HC - Income TaxReopening of assessment - petitioner was a beneficiary of accommodation entries - HELD THAT:- On facts, the case on hand is not the case where the assessee willfully made any false or untrue statement at the time of original assessment or that falsity has come to the notice, which may justify the assessing officer to exercise the powers. The case is not only of reopening the completed assessment on the same facts without availability of fresh and tangible material, it was reopening acted upon beyond period of four years from the end of the relevant assessment year. The law requires, in such cases, that the reopening is permitted only if the assessee had not disclosed fully and truly all the material facts. There was no failure on the part of the petitioner (i) to make return under section 139 or in respect to notice u/s 142(2) or u/s 148 or that (ii) he had not disclosed fully and truly all material facts necessary for the assessment concerned. The assessee in the present case furnished complete details in his letter dated 08.10.2014 during the assessment with respect to the transaction occured with Shubh Dristi Complex Pvt. Ltd.[alleged accomodation entry provider] - There was no omission on the part of the petitioner as to full and true disclosure for the year under consideration which were necessary for the assessment concerned. Thus it has to be held that the action of reopening by the AO was bad in law, mainly for the reason that it was passed on a mere change of opinion on the same set of facts, which was disclosed and considered by the assessing officer during the assessment year 2012-13. Decided in favour of assessee.
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