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2017 (3) TMI 1524 - HC - Income TaxReopening of assessment - genuineness of the foreign creditors - Held that:- Assessing Officer while framing the scrutiny assessment under Section 143(3) of the Act, as such, seems to be satisfied, and therefore, did not doubt the genuineness of the transactions and/or with respect to the foreign creditors from whom the petitioner – assessee purchased the goods. Under the circumstances and in the facts and circumstances of the case, it cannot be said that there was any failure on the part of the petitioner – assessee in not disclosing true and correct facts. Under the circumstances, considering the proviso to Section 147 of the Act and as observed hereinabove, there does not appear to be any failure on the part of the petitioner – assessee in not disclosing true and correct facts necessary for the purpose of assessment, and therefore, the Assessing Officer is not justified in reopening the assessment beyond a period of four years. On the aforesaid ground alone, the present petition deserves to be allowed and the impugned reassessment proceedings deserves to be quashed and set aside. - Decided in favour of assessee
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