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2010 (1) TMI 29 - HC - Income TaxPrior period expenditures – reassessment proceedings under Sections 147/148 - Rs. 96,534/- disallowed by the Assessing Officer and confirmed by the CIT(A) – the reopening was subsequent to the four-year period stipulated in the proviso to Section 147 and, consequently, the same could only be initiated if any income chargeable to tax had escaped assessment by reason of the failure on the part of the assessee to make a return under Section 139 or in response to a notice under Section 142(1) or Section 148 or “to disclose fully and truly all material facts necessary for his assessment”, for that assessment year. – ITAT deleted the addition - held that - There has been no failure on the part of the assessee to fully and truly disclose the relevant material. Therefore, the reopening of the assessment was beyond the jurisdiction of the Assessing Officer. We note that it was a case of mere change of opinion and that is not permissible for the purposes of invoking jurisdiction under Section 147 of the Act. – Decided in favor of assessee
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