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2023 (9) TMI 260 - GUJARAT HIGH COURTReopening of assessment u/s 147 - Reasons to believe - reassessment beyond a period of four years - mistake in calculation of long term capital gain - HELD THAT:- When the reasons supplied by the respondent are seen, there is no allegation of failure on part of the assessee to disclose fully and truly of material facts which particularly was the onus of the revenue since the reopening is undertaken beyond a period of four years from the end of the assessment year. The reasons, further would indicate that it was based on the very case records and as per the author of the reasons, they were self-explanatory, and therefore, no further inquiry was required in this case. Obviously therefore, there was no new tangible material based on which reasons for reassessment were taken. The order disposing of objections, therefore, would also fail again. From the notice and on the response that the petitioner filed it is evident that the same material which was accepted by the respondent, has been made a part of the revised reassessment regime by the impugned notice and the order disposing the objections. Decided in favour of assessee.
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