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2019 (12) TMI 624 - HC - Income TaxReopening of assessment u/s 147 - disallowance of depreciation and other expenses in respect of running of a boiler and turbine while computing the income under the head 'other sources' on the ground that there were strong indication that neither the boiler nor the turbine were ready for the use up to 31.03.1992. - HELD THAT:- The proviso declares that where the original assessment was made under Section 143(3) of the Act, after scrutiny of the records, no action shall be taken after the expiry of 4 years from the end of relevant assessment year, unless the case attracts the exceptions provided by proviso to Section 147 of the Act. It is not the case of the Assessing Officer that material facts were either not disclosed or even after the same were sought for, were not furnished, and no new facts have been brought on record by the Assessing Officer. Respondent has disclosed fully and truly all the material facts necessary for the assessment by way of disclosing the hire income for the boiler and turbine and the interest cum income on deposits on share application money as well as claiming depreciation in respect of hired out boiler and turbine and by way of furnishing necessary documents before the Assessing Officer. CIT and the Appellate Tribunal, after considering the material on record have rightly held that notice under Section 148 of the Act issued on 03.04.1997, is bad in law as the same is not in accordance with the provisions of Section 147 of the Act.
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