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2022 (8) TMI 382 - AT - Income TaxReopening of assessment u/s 147 - Reassessment done on the basis of an audit objection - eligibility of reasons to beieve - HELD THAT:- As in the case before us, we find that as stated in the aforesaid “reasons to believe”, the case of the assessee was reopened not for any failure on the part of the assessee to disclose fully and truly all the material facts necessary for its assessment, but on the basis of an audit objection raised by Internal Audit Party (IAP), Bilaspur.Apart from that, we find that there is no whisper in the “reasons to believe” that the case of the assessee was being reopened for any failure on its part to disclose fully and truly material facts that were necessary for its assessment for the year under consideration. As the assessment in the case of the assessee which was originally framed by the A.O vide his order passed u/s.143(3), dated 30.12.2010, had thereafter despite there being no failure on its part to disclose fully and truly all material facts necessary for framing of its assessment been reopened u/s.147 on 25.01.2014, i.e, beyond a period of four years from end of the relevant assessment year, therefore, we concur with the AR that the same not being as per mandate of the “first proviso” to Section 147 of the Act, is thus, not maintainable and is liable to be quashed on the said count itself. We quash the assessment framed by the A.O vide his order passed u/s.143(3)/147 for want of valid assumption of jurisdiction by him. - Decidedin favour of assessee.
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