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2016 (12) TMI 117 - HC - Income TaxValidity of reopening of assessment - transaction with Ahmedabad Stock Exchange - Held that:- The condition as provided under Section 147 of the IT Act to reopen the completed assessment beyond the period of four years are not satisfied. Even there is no allegation in record reopening of the assessment that there was any non disclosure on the part of the assessee, which has resulted into escapement of the income. At this stage, it is required to be noted that even in the objection against the reasons recorded it was the specific case on behalf of the assessee that since August, 2004 it was not having any transaction with Ahmedabad Stock Exchange and more particularly during the year under consideration. In the reasons recorded, there is nothing on record that the Assessing Officer on facts formed an opinion that during the year under consideration the assessee was having the transaction with Ahmedabad Stock Exchange. In that view of the matter, even Bye Law No.218 of the Ahmedabad Stock Exchange, upon which reliance has been placed, shall not be attracted and / or applicable at all. In any case, as stated hereinabove, there does not appear to be any non disclosure on the part of the assessee in not disclosing true and correct facts, and therefore, the conditions stipulated under Section 147 to reopen the assessment beyond 4 years are not satisfied. On the aforesaid ground alone, the impugned notice and reassessment proceedings deserves to be quashed and aside - Decided in favour of assessee
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