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2016 (8) TMI 218 - HC - Income TaxReopening of assessment - Held that:- We are concerned only with the question of failure on part of the assessee to disclose fully and truly all material facts. It is not even the case of the Assessing Officer that he noticed the disproportionate allegation/allocation of expenditure in the accounts of non eligible business through any material extraneous to the assessment records. In fact, his entire observations contained in the reasons recorded are borne out from the data available in the assessment records. Further, as pointed out by the assessee in the objections, full separate accounts of both divisions were maintained and also presented before the Assessing Officer during the course of assessment. This is therefore, a clear case where, there was no failure on part of the assessee to disclose truly and fully all material facts necessary for assessment. Notice for reopening which was issued beyond a period of four year must therefore, fail. The same is therefore quashed. - Decided in favour of assessee
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