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2022 (6) TMI 636 - AT - Income TaxReopening of assessment u/s 147 - eligibility of reasons to believe - TDS u/s 194I - non-deduction of TDS on payment made for machinery hire charges in excess of prescribed limits - HELD THAT:- In this view of the matter and by following the decision of M/s.URC Construction (P) Ltd. [2017 (4) TMI 1142 - ITAT CHENNAI], we are of the considered view that, re-opening of assessments for the AYs 2007-08 & 2008-09, are bad in law and liable to be quashed, because, reasons recorded by the AO does not discernable that there is a failure on the part of the assessee to disclose fully and truly all material facts necessary for that assessments. Further, from the reasons, it is abundantly clear that the sole basis for the AO to form reasonable belief of escapement of income is, Tax Audit Report filed by the assessee along with return of income, which was very much available with the AO, when he had completed assessment proceedings u/s.143(3) of the Act. Therefore, we are of the considered view that under these facts and circumstances of the case, proviso to Sec.147 of the Act, come into operation and thus, we are of the considered view that notice issued by the AO u/s.148 of the Act, and consequent assessment proceedings u/s.147 of the Act, are bad in law and thus, re-assessment orders passed by the AO for the AYs 2007-08 & 2008- 09 are quashed. - Decided in favour of assessee.
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