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2020 (11) TMI 343 - HC - Income TaxReopening of assessment - Bid loss disallowance - assessee claimed loss on bidding as deduction - As per revenue such Bid Loss pertains to period beyond the accounting period relevant to the assessment year under consideration and the same should not have been allowed for the sake of consistency? - HELD THAT:- The tribunal has not taken note of the fact that the AO had recorded reasons and has held that a statement of income from assessment has taken place due to failure to disclose fully and truly all material facts necessary on the part of the assessee.Tribunal has further held that it has not been disputed before the tribunal that proviso to Section 147 is not applicable to the fact situation of the case. The contention of the assessee that the Assessing Officer has not recorded the finding that the assessee has failed to disclose fully and truly all material facts necessary for assessment does not deserve acceptance, which is evident from the satisfaction recorded by the Assessing Officer. Similarly, the question whether or not the Assessing Officer has recorded satisfaction in consonance with the requirements of Section 147 of the Act, has to be dealt with in the facts of each case. Therefore, the contention that the issue involved in this appeal is squarely covered by decision of the Supreme Court in NEW DELHI TELEVISION [2020 (4) TMI 133 - SUPREME COURT] cannot be accepted. For the aforementioned reasons, the second substantial question of law is answered in favour of the revenue.
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