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2009 (8) TMI 221 - HC - Income TaxReassessment - Department found that there was some reasons to believe that the income chargeable to tax had escaped assessment and initiated the proceedings for reassessment, after issuing notice under section 148 - , it is pertinent to point out that it was not the case of the Department that the assessee had not at all revealed the payment of excise duty, but what they have stated is that they have shown the expenditure, claiming exemption under section 43B of the Act. Since the goods were not cleared in that particular year, they ought not to have claimed the exemption during the relevant year. When admittedly, this material fact was fully and correctly disclosed and available even at the time of assessment itself, the Assessing Officer or the authority concerned have not given any reason, much less sufficient reason, to say that this matter was not brought to the knowledge of the Department and that there was a wilful suppression of material so as to treat this as an escaped assessment. - held that the assessee had disclosed fully and truly all material facts necessary for completion of assessment while filing the return and as such the reopening beyond four years is bad in law and without any jurisdiction.
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