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2019 (1) TMI 1416 - HC - Income TaxReopening of assessment u/s 147 - notice issued beyond the period of four years from the end of the relevant Assessment Year as assessment completed under section 143(3) - change of opinion - Tribunal held that the reopening of the assessment u/s. 147 of the Act, was unjustified and incorrect?Held that:- Order of the Tribunal is not on account of change of opinion but on account of no failure to disclose fully and truly all material facts necessary for assessment in regular assessment proceeding, leading to an order under Section 143(3) of the Act. This the Tribunal held bars the Revenue from issuing reopening notice under Section 143(3) of the Act beyond a period of four years from the end of the relevant Assessment Year in terms of the proviso to Section 147 of the Act. In the above facts, no fault can be found with the setting aside of the reopening notice dated 28th March, 2011 issued in respect of an assessment completed under section 143(3) of the Act beyond the period of four years from the end of the Assessment Year 2004-05 in the absence of failure to disclose all material facts truly and fully in the regular assessment proceedings. Thus, no fault can be found with the impugned order of the Tribunal as it only follows the settled law. - Decided in favour of assessee
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