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2016 (12) TMI 1004 - HC - Income TaxValidity of reopening of assessment - Held that:- There is no allegation that there was any failure on the part of the assessee in not disclosing true and correct facts necessary for the purpose of assessment. Identical question came to be considered by the Division Bench of this Court in the case of Kanak Fabrics Vs. Income Tax Officer (2011 (3) TMI 1497 - GUJARAT HIGH COURT ) and it is held that if the condition precedent to reopen the assessment beyond four years are not satisfied i.e. in the reason recorded there is no whisper to the effect that the income had escaped assessment on account of failure on the part of the assessee to disclose fully and truly all material facts necessary for its assessment reopening of the assessment cannot be sustained. Under the circumstances, as the condition precedent to invoke the powers under Section 147 of the Income Tax Act to reopen the assessment beyond four years are not satisfied, the impugned notice to reopen the assessment for the Assessment Year 2010-11 cannot be sustained. - Decided in favour of assessee
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