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2019 (2) TMI 1057 - AT - Income TaxReopening of assessment - unexplained share application money - completed assessment has been reopened after four years - Held that:- A perusal of the reasons recorded as mentioned elsewhere clearly shows that there is no allegation in the reasons recorded that there is failure on the part of the assessee to disclose fully and truly of material facts necessary for assessment u/s 147 of the Act, the notice issued u/s 148 of the Act after a period of four years from end of assessment year in case where assessment has been framed u/s 147/143 (3) of the Act is illegal and invalid and the notice u/s 148 of the Act deserves to be set aside. Our view is fortified by the decision of the Hon’ble Delhi High Court in the case of CIT Vs. Viniyas Finance and Investment (P) Ltd.[2013 (3) TMI 35 - DELHI HIGH COURT] We find that during the course of the original assessment proceedings the assessee was specifically asked to discharge its onus u/s 68 of the Act for any fresh loans taken during the year and share application money received. We further find that the FFA has also called for a remand report from the Assessing Officer to submit copies of the reply of the assessee filed during the course of the original assessment proceedings and related documents submitted by the assessee. Thus during the course of original assessment proceedings the Assessing Officer had made elaborate enquiry to examine the share application money in the light of section 68 of the Act and after satisfying himself he accepted the same as genuine. Therefore, in our considered opinion in the light of the proviso to section 147 of the Act there is no failure on the part of the assessee to disclosed fully and truly all material facts relating to the assessment - assessment framed u/s 147 of the Act has been rightly quashed by the CIT(A). - Decided in favour of assessee.
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