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2022 (9) TMI 1382 - HC - Income TaxReopening of assessment u/s 147 - Eligibility of reasons to believe - Period of limitation - HELD THAT:- Seeing as the assessment framed originally was under scrutiny, the Assessing Authority could proceed to re-assess the income u/s 147, only if he is in a position to, and does, establish that the alleged escapement is on account of the petitioner having failed to make a full and true disclosure at the first instance. A perusal of the reasons would indicate that there is no tangible material that has been found by the Assessing Authority, post assessment, to lead to a conclusion that the original disclosure made by the petitioner was either incomplete or untrue. In fact, the only material referred to in the reasons, is the assessment order itself in which the depreciation schedule, the rates of depreciation and the claim of the petitioner in regard to depreciation have been discussed in detail. As transpires that all materials referred to in the reasons flow from the materials on record and in such circumstances, it is more than apparently clear that there has been no compliance of the statutory precondition as set out in the proviso to Section 147, in this case. The impugned proceedings of assessment having been initiated beyond the period of four (4) years from the end of the relevant assessment year are clearly barred by limitation.
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