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2020 (10) TMI 996 - HC - Income TaxReopening of assessment u/s 147 - Eligibility of reasons to believe - Employee benefit expense, long term capital gains on slump sale, Bike event expenses, legal and Professional fees, employees as PF contribution, non-deduction of tax at source under Section 194J in respect of remittances towards fee for technical/professional services, disallowance u/s 14A - HELD THAT:- All issues based on which the impugned proceedings for re-assessment have been initiated emanate from the Return of income and accompanying annexures and have been noted even at the time of original proceeding. Queries have been raised by the officer even at that juncture and the petitioner has, admittedly, furnished explanations and details in response thereto. The reasons for re-assessment themselves fairly reveal that the assumption of jurisdiction is only based on materials already available on record and no new, tangible materials have been culled thereafter. There is no dispute on the position that the alleged escapement of income, if any, is not attributable to non-disclosure of material particulars by the petitioner. The conditions precedent in the proviso to Section 147 are clearly not attracted in this case. The Supreme Court, in the case of ACIT vs ICICI Security Primary Dealership Ltd [2012 (8) TMI 754 - SC ORDER] considered the re-opening of an assessment beyond the period of four years confirming the quashing of the proceedings for re-assessment on the ground that there was a full disclosure of all material particulars in the return of income filed by the assessee. So too in this case. Order re-opening the assessment was not maintainable. - Decided in favour of assessee.
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