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2016 (7) TMI 329 - HC - Income TaxReopening of assessment - proceedings initiated after the expiry of 4 years from the end of the relevant assessment year - non disclosure - reasons to believe - Held that:- t during the course of the hearing, on 27th March, 2006 for Assessment Year 200203 in regular assessment proceedings, the Assessing Officer sought for certain details. In response, the Respondent-Assessee gave details as sought, pointing out that an amount of ₹ 1.16 Crores shown as bad debts in the subject Assessment Year had been received from the State Bank of India in the Financial Year 2005-06 and had offered it to tax under Section 41(1) of the Act for the Assessment Year 2006-07. Thus, we find that there has been a full and true disclosure of all material facts during the regular assessment proceedings by the Respondent-Assessee. Consequently, the condition precedent for issuing a notice beyond a period of four years from the end of the relevant Assessment Year is not satisfied. The submission made on behalf of the Revenue that as the information was given on 30th March, 2006, it would amount to nondisclosure of information, is beyond our comprehension. The requirement of law is that the Respondent-Assesse should have made true and full disclosure of all material facts necessary for Assessment. This has been certainly done. In this case, letter dated 29th March, 2006 indicates that the details filed by the Respondent-Assessee consequent to the query and directions of the Assessing Officer. This also indicates that there has been an opinion formed during the regular assessment proceedings by the Assessing Officer. Thus, the notice dated 16th March, 2009 would also be a case of change of opinion, which is not permissible. - Decided against revenue
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