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2019 (12) TMI 252 - HC - Income TaxReopening of assessment u/s 147 - income chargeable to tax has escaped assessment on the basis of information and details available on record - HELD THAT:- All the material necessary for assessment was duly produced before the AO at the time of scrutiny assessment, and it is on the basis of such material that the AO has considered the claim of the petitioner for deduction u/s 80IB (3) of the Act. By no stretch of imagination can it be said that there was any failure on the part of the petitioner to disclose fully and truly all material facts necessary for its assessment for the year under consideration, so as to attract the first proviso to section 147 of the Act. Under the circumstances, in the absence of any failure on the part of the petitioner to disclose fully and truly all material facts necessary for its assessment, the AO is not justified in reopening the assessment beyond a period of four years from the end of the relevant assessment year. On both counts the petition must succeed, namely that the reopening of assessment is based on a mere change of opinion; and the assumption of jurisdiction by the AO u/s 147 beyond a period of four years from the end of the relevant assessment year without there being any failure on the part of the petitioner to disclose fully and truly all material facts necessary for its assessment, is invalid. The impugned notice issued under section 148 of the Act, therefore, cannot be sustained.
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