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2019 (1) TMI 954 - HC - Income TaxReopening of assessment - failure on the part of the petitioner to disclose fully and truly all material facts - international transaction disclosure - assessment beyond a period of four years from the end of the relevant assessment year - Held that:- In the annexure to Form No.3CEB, the petitioner had shown particulars in respect of lending or borrowing money as well as the fact regarding the assessee having entered into international transactions, the details whereof are shown in Appendix-4. Thus, during the course of assessment proceedings, the petitioner had duly disclosed the international transactions which find reference in the reasons recorded. There is no failure on the part of the petitioner to disclose fully and truly all material facts necessary for its assessment for the assessment year under consideration. On a reading of the reasons recorded for reopening the assessment in their entirety, there is nothing therein to indicate that there is any failure on the part of the petitioner to disclose fully and truly all the relevant facts. On a plain reading of the reasons recorded, it is evident that the same refers to sections 92C and 92CA of the Act and the failure on part of the AO to observe the procedures prescribed thereunder. Under the circumstances, this being a reopening of the assessment beyond a period of four years from the end of the relevant assessment year, whereby the proviso to section 147 is clearly attracted, in the absence of any failure on the part of the petitioner to disclose fully and truly all material facts relevant for its assessment, the assumption of jurisdiction on the part of the Assessing Officer is without authority of law. Notice cannot be sustained - Decided in favour of assessee.
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