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2019 (1) TMI 1538 - HC - Income TaxReopening of assessment - obligation on the part of the assessee to disclose fully and truly all primary material facts - Held that:- In the case of Calcutta Discount Co. Ltd Vs. I.T.O. [1960 (11) TMI 8 - SUPREME COURT] it has been held that the obligation on the part of the assessee is to disclose fully and truly all primary material facts which are necessary for assessment. Undisputedly, the fact that the the petitioner had received income on surrender of shares under buy back scheme of the subsidiary company was the material primary facts which was disclosed before the Assessing Officer during the course of regular assessment proceedings. Thus, there was complete disclosure of all primary material facts during the regular assessment proceedings, reopening is not justified. It cannot be said that there was any failure on the part of the petitioner to disclose fully and truly all material facts necessary for reassessment. Thus, the impugned notice is hit by first proviso of Section 147 and is without jurisdiction. Accordingly, impugned notice is quashed and set aside. - Decided in favour of assessee.
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