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2019 (10) TMI 295 - AT - Income TaxReopening of assessment u/s 147 - AO issued a notice u/sec. 142(1) calling for explanation and submission of relevant information on various issues including development/sinking fund - HELD THAT:- It cannot be said that the assessee has failed to disclose all the material facts fully and truly to complete the assessment. Notice u/sec. 148 is issued after 04 years of the relevant assessment and as per proviso to section 147, to reopen the assessment on the ground of escapement of income, the AO has to establish that the assessee has failed to disclose the fully and truly of the material facts to complete the assessment. In the present case, the assessee has disclosed all the facts in respect to the notice issued by the Assessing Officer u/sec. 142(1) dated 16/12/2010. By considering the above proviso to section 147 and also by considering the facts of the case we find that the assessee has disclosed all the material facts truly and fully before passing the assessment order u/sec. 143(3) and the Assessing Officer by considering the same, assessment was completed on 31/12/2010. Thus, the notice issued u/sec. 148 dated 19/03/2015 is invalid and subsequent order passed u/sec. 143(3) r.w.s. 148, dated 11/03/2016 is bad in law. Therefore, we quash the assessment order passed u/sec. 143(3) r.w.s. 148 dated 11/03/2016 and partly allow the appeal of the assessee.
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