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2018 (10) TMI 1298 - AT - Income TaxReopening of assessment u/s 147 - reopening of assessment beyond the period of four years - validity of reasons to believe - information received from Investigation Wing - non independent application of mind - share application money received - Held that:- Assessee had submitted the reply before the Assessing Officer along with ITRs, share application forms, acknowledgement of receipts of shares, bank statements of the share applicants, names and addresses of the share holders and value and quantity of shares etc. and other evidences as required by the Assessing Officer. AO had accepted the reply of the assessee and did not make any addition on this count. The case of the assessee has been reopened on the same issue regarding the share application money received from the above five parties on the basis of information received from Investigation Wing. The assessee, thus, had disclosed all material facts necessary for completion of assessment. The Assessing Officer has not spelled out in the assessment order as to what material facts or evidences were not disclosed/produced by the assessee relating to share capital increased during the year under consideration. Therefore, in our considered opinion, the Assessing Officer was not justified to reopen the assessment only on the basis of information received from Investigation Wing, that too beyond period of limitation of four years. - Decided in favour of assessee.
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