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2019 (10) TMI 474 - HC - Income TaxReopening of assessment u/s 147 - Validity of reason to believe - HELD THAT:- Impugned order of the Tribunal as well as the CIT(A) have found on facts that there was no failure on the part of the respondent assessee to disclose all facts truly and fully as necessary for the assessment. In fact, that is evident from the reasons recorded in the reopening notice dated 22nd March, 2013. Reasons recorded in support of the reopening notice dated 23rd March, 2013 even does not allege that there is any failure on the part of the respondent to disclose truly and fully all material particulars necessary for assessment. Nor does the reading of the reasons as a whole indicate the same. Therefore, on the basis of the above facts, it was found that the reopening notice is without jurisdiction and hit by the first proviso to Section 147 of the Act. The CIT(A) as well as the Tribunal in support of the impugned order correctly placed reliance upon the decision of this Court in the case of Nirmal Bang Securities Vs. Asstt. Commissioner of Income Tax, [2016 (1) TMI 947 - BOMBAY HIGH COURT] - No substantial question of law
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