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2016 (7) TMI 850 - HC - Income TaxReopening of assessment - investment allowance under Section 32A - Held that:- A subsequent reversal of the legal position by the Apex Court will not authorize the Revenue to reopen an assessment beyond a period of four years from the end of the Assessment Years in the absence of failure to disclose truly and fully all material facts necessary for assessments. In passing we may point out that the Calcutta High Court in Simplex Concrete Piles (India) Ltd. [2003 (4) TMI 90 - CALCUTTA High Court ] had considered the effect of amendment to Section 147 and 149 of the Act in 1989. Placing reliance upon the Circular No.549 dated 31st October, 1989 it had held that though the new provisions of Section 147 and 149 of the Act were introduced w.e.f. 1st April, 1989, they would have retrospective effect and govern a notice issued post 1st April, 1989 for reopening the assessment for a period prior to 1st April, 1989. Besides, on facts (similar to the present facts) it found that even under the unamended provisions, the notice for reopening is without jurisdiction. Also see Simplex Concrete Piles (India) Ltd [2012 (9) TMI 516 - SUPREME COURT ] - Decided in favour of assessee.
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