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2020 (1) TMI 864 - AT - Income TaxReopening of the assessment u/s 147 - validity of reasons to believe - notice after four years - HELD THAT:- No failure on the part of the assessee to disclose all primary facts. The A.O. has not specified as to in which manner there was failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment for the assessment year under appeal. Therefore, proviso to Section 147 of the I.T. Act would apply in favour of the assessee. In the present case, the notice under section 148 have been issued after 04 years and no new and tangible material has been brought on record at the time of reopening of the assessment and the A.O. wanted to correct the error in the original assessment order passed by the A.O. while initiating the re-assessment proceedings, we are of the view that reopening of the assessment is not valid in the facts and circumstances of the case. Considering the totality of the facts and circumstances of the case, we do not find any justification to sustain the reopening of the assessment. - Decided in favour of assessee.
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