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2019 (1) TMI 1279 - HC - Income TaxReopening of assessment - notice issued beyond four years from the end of the relevant assessment year - sale of house property - Held that:- Petitioner had made full and complete disclosure during the regular Assessment Proceedings of the sale of its house property and the consideration of ₹ 10 lakhs in the aggregate paid by the Petitioner to his wife and father out of a total consideration received while determining his capital gains during the regular Assessment Proceedings. In view of the fact that the impugned notice is issued beyond four years from the end of the relevant assessment year in respect of an assessment completed under Section 143(3) of the Act, where all material facts were disclosed would made the notice bad, in view of the proviso to Section 147 of the Act. There has been complete disclosure of material facts truly and fully as is evident from the fact that the Assessing Officer does not rely on fresh material in the reasons recorded in the impugned notice to reopen the Assessment. - decided in favour of assessee.
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