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2018 (6) TMI 368 - HC - Income TaxReopening of assessment after the four year period - apportionment of loss in the same proportion as the income - application of Rule 8 - Held that:- It is relevant that the Assessing Officer while allowing the loss from PTD failed to differentiate the loss with respect to that occasioned by the sale of tea grown in the assessee's own plantations and apportion it in the same manner, the income was apportioned under Rule 8. What is discernible is that the re-assessment was initiated not on the detection of new facts which were not disclosed at the first instance but only for application of Rule 8 of the Income-tax Rules. To permit a re-assessment after the four year period, there should be failure to disclose all full and true material facts, on detection of which alone there could be proceedings u/s 147 - This element of non-disclosure we fail to see in the instant case - thus appeal is rejected - Decided in favor of assessee.
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