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2017 (4) TMI 715 - AT - Income TaxReopening of assessment - Held that:- Reasons recorded in the instant case shows that there is no mention or allegation that there has been any failure or omission on the part of the assessee to disclose fully and truly all material facts necessary for the purpose of assessment. The contents of the reason fail to meet the statutory requirement. Respectfully following the ratio of the judgment in Haryana Acrylic Manufacturing Company vs. CIT (2008 (11) TMI 2 - DELHI HIGH COURT), we have no alternative but to quash the reassessment proceedings. - Decided in favour of assessee
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