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2022 (3) TMI 1235 - AT - Income TaxReassessment proceedings u/s. 147/148 - assessee company has not disclosed its income fully and truly and proceeded by issuing notice - Reopening beyond beyond four years - HELD THAT:- We are of the considered opinion that the reassessment notice has been issued after four years and, therefore, the 1st proviso to section 147 squarely applies on the facts of the case. A perusal of the factual matrix considered during the original assessment proceedings shows that there was no failure on the part of the assessee to disclose fully and truly all material facts. In our considered opinion, no new facts or information has come in the possession of the AO, which could have led to the formation of the belief that any income chargeable to tax has escaped assessment. Assessment order for Assessment Year 2009-10 framed u/s.143(3) wherein the assessee has offered income from GBN whereas the notice issued u/s. 148 of the Act is dated 20.02.2012 which means that the assessment order for AY 2009-10 was very much available with the AO before assuming jurisdiction u/s 148 - It is clear that reassessment proceedings are initiated on same set of facts as existed in the course of original assessment and reasons so recorded clearly show that it is re-application of mind on same set of facts. A perusal of the reasons recorded for reopening assessment shows that the entire exercise has been done by the Assessing Officer on the basis of assessment of GBN for AY 2007-08 wherein an amount on account of royalty paid to the assessee was found. The amount accrued by the payer in its books has no relevance as it is a trite law that payment may be treated differently in the books of payer and the payee. We have no hesitation in holding that assumption of jurisdiction u/s.147 of the Act by issuing of notice u/s.148 of the Act is bad in law and assessment order so framed is liable to be quashed. We, accordingly, quash the assessment order. - Decided in favour of assessee.
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