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2022 (11) TMI 912 - AT - Income TaxReopening of assessment u/s 147 - correctness of claim made u/s 54F - HELD THAT:- Reasons recorded by AO to reopen the assessment for the purpose of verification of the claim made u/s 54F are not in accordance with law. While reopening the assessment, AO has to record his satisfaction that there is an escapement of income chargeable to tax. However, in this case, the reopening was done on the ground to verify the correctness of claim made u/s 54F which is not in accordance with law. Therefore, we hold that the reopening is invalid. CIT(A) has recorded that the 4 years had already passed from the end of the assessment year, which means, the reopening was done after 4 years. In the reasons recorded by the Assessing Officer, this fact is not coming out. AO has not recorded that there is a failure on the part of the assessee to disclose fully and truly all material facts to complete the assessment. On this count also, the reopening is invalid. Accordingly, we quash the notice issued under section 148 - ground raised by the assessee is allowed.
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