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2019 (5) TMI 351 - HC - Income TaxRe-assessment u/s 147 - original assessment u/s 143(3) - limitation of 4 years for re-opening - failure on the part of the assessee to disclose all the relevant facts truly and fully for assessment - deduction u/s 80IB(10) - HELD THAT:- The Assessing Authority cannot have a mere re-appreciation of the same facts or a review of existing material on a mere change of opinion and take a different view of the matter and he is not permitted to undertake the re-assessment proceedings. The condition of 4 years provided in 1st proviso to Section 147 of the Act is a protection in favour of the Assessee against the whimsical and arbitrary re-assessment proceedings initiated by the Assessing Authorities beyond this limitation of 4 years, except where the escapement of income has resulted on account of failure on the part of Assessee to disclose the material particulars. We find that the Assessee had made true and full disclosure and had consciously made only a proportionate claim u/s 80IB(10), which was rightly allowed by the Assessing Authority at the time of original assessment proceedings u/s 143(3) and therefore after the expiry of 4 years in 2010, the impugned notice u/s 147/148 for AY 2003-04 issued on 31.03.2010 was not a valid initiation of the re-assessment proceedings. We are of the considered opinion that the learned Single Judge was justified in quashing the impugned re-assessment proceeding and there is no merit in the present appeal filed by Revenue. - writ appeal by Revenue is dismissed.
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