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2019 (3) TMI 166 - HC - Income TaxReopening of assessment - Original assessment u/s 143(3) - notice u/s 147/148 to be premised on fresh or tangible material - HELD THAT:- It is far too well settled that any notice u/s 147/148 is to be premised on fresh or tangible material – made available with the Revenue within the time granted or within the extended time under Section 147. The only other circumstance when it can seek recourse to the reassessment power is if material documents, having significance on the reassessment, are withheld or improperly disclosed. The duty of the AO, it has been repeatedly emphasised from the decision of the Supreme Court in Calcutta Discount Co.Ltd. vs. ITO, Companies District-I, Calcutta (1960 (11) TMI 8 - SUPREME COURT) is to truly assess the income disclosed by the assessee. The corresponding duty or the responsibility of the assessee is to disclose all material facts. Once that duty is discharged, the inability of the AO to carry out the task assigned to him by the statute properly does not authorize a second opinion, based upon which the AO can issue reassessment notice. In the present case, it is plain that the reassessment notice was based upon a second opinion or revisiting of the same facts by a subsequent Assessing Officer and no more. For these reasons, the reassessment notice has to be quashed. - Decided in favour of assessee.
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