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2022 (5) TMI 1266 - AT - Income TaxReopening of assessment u/s 147 - unexplained investment u/s.69 - Eligibility of reasons to believe - reopening within a period of 4 years - HELD THAT:- As per the mandate of law, even where a concluded assessment is sought to be reopened by the A.O within a period of 4 years from the end of the relevant assessment year, it is must that the A.O has fresh material or information with him, that had led to the formation of belief on his part that the income of the assessee chargeable to tax has escaped assessment. Our aforesaid view is fortified by the judgments of NYK Lime (India) Ltd. [2012 (2) TMI 283 - BOMBAY HIGH COURT] and Purity Tech Textile Pvt. Ltd. [2010 (2) TMI 26 - BOMBAY HIGH COURT] We, thus, in the backdrop of our aforesaid observations not being able to persuade ourselves to subscribe to the order passed by the CIT(Appeals) who had upheld the jurisdiction assumed by the A.O u/s. 147 of the Act, set-aside his order and quash the assessment framed by him u/s. 143(3)/147 of the Act dated Nil for want of jurisdiction. - Appeal of assessee is allowed.
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