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2021 (8) TMI 281 - AT - Income TaxReopening of assessment u/s 147 - Eligibility of reasons to believe - HELD THAT:- The reasons are to be examined only on the basis of reasons recorded alone, and these reasons cannot be supplemented by anything.There is no allegation to the effect that there has been any failure on the part of the assessee to fully and truly disclose all material facts necessary for the assessment. Unless an allegation to this effect is made in the reasons recorded by the Assessing Officer, in a situation where the assessment is being sought to be reopened after four years from end of the relevant assessment year and when the original assessment was completed u/s.143(3), the jurisdiction to carry out the reassessment cannot be lawfully assumed. For this short reason alone, the impugned reassessment proceedings must be held to be vitiated in law. As we have come to a conclusion based on this reason itself that the reassessment proceeding are vitiated in law, we don’t find it necessary to deal with other arguments raised by the learned counsel for the assessee, and to deal with the other grounds of appeal. All other grounds of appeal must therefore be held to be academic and infructuous at this stage. We uphold the plea of the assessee and reopening of the reassessment proceeding is quashed. We also see no need to address the other grounds of appeal, on merits, which have been, given our findings on the validity of reassessment proceedings, rendered academic and infructuous.
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