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2016 (12) TMI 1285 - HC - Income TaxReopening of assessment - genuineness of the transactions with respect to the share capital /share holders /share investment doubted - Held that:- As in response to the notice under Section 142(1) of the Income Tax Act in scrutiny assessment under Section 143(3) of the Income Tax Act the petitioner – assessee furnished necessary particulars, more particularly, with respect to the details of the share capital and share application money received alongwith the name of the members of share holders with their confirmation alongwith copy of the income tax return and copy of the bank account and their PAN Number and only thereafter the Assessing Officer framed the issue under Section 143(3) of the Income Tax Act without making any addition. Under the circumstances, it cannot be said that there was non disclosure on the part of the petitioner – assessee in not disclosing true and correct facts necessary for the purpose of assessment. All the necessary facts /material, which were required, which were called for, were given by the petitioner – assessee. Under the circumstances, the condition precedent to exercise the jurisdiction under Section 147 of the Income Tax Act to reopen the assessment for the Assessment Year 2010-11 beyond four years are not satisfied. - Decided in favour of assessee.
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