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2022 (8) TMI 1095 - HC - Income TaxReopening of assessment u/s 147 - Period of limitation - eligible reasons to believe - whether petitioner has made a full and true disclosure ? - whether impugned reassessment is barred by limitation? - HELD THAT:- In the present case and in light of the admitted position that the issues featuring in reasons for re-assessment had been taken up for assessment originally but not pursued by the officer, the assessing officer being convinced by the explanation furnished by the petitioner, the petitioner has made a full and true disclosure originally, and the impugned proceedings are barred by law. There is also no material has been found by the officer post the original assessment. Thus, the impugned proceedings are barred by limitation and are not sustainable on any account. We may refer to the conclusion of the Hon’ble Supreme Court in the case of Parasuram Pottery Works Co. Ltd. [1976 (11) TMI 1 - SUPREME COURT] The Bench states that assessment proceedings must have a finality at some point, for a society to be referred to as civilized. Revisiting jaded issues time and again, without allowing them to rest would be contrary to the above dictum. All the more in a case such as the present where there is not even an allegation that the assessee/petitioner has supressed income and made an incomplete and untrue disclosure. In fact, the reasons proceed wholly on the basis of the materials furnished by the petitioner originally as well as on Instructions issued by the Central Board of Direct taxes that have been cited by the petitioner and noticed by the officer. The impugned proceedings are quashed and this writ petition is allowed.
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