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2008 (7) TMI 501 - HC - Income TaxReassessment notice – limitation - it is not even the case of the Revenue that there was any omission or failure on part of the petitioner-assessee to disclose fully and truly all material facts relevant for the assessment of the assessment year in question. In fact the statement showing computation of total income, it becomes clear that all relevant details for computing long-term capital gains have been shown by the petitioner-assessee. Not only that, details of exemption claimed under section 54 of the Act in respect of investment in the new house have also been shown on a separate sheet. – Therefore, it is apparent that there is no omission or failure on the part of the petitioner-assessee as required by provisions of the proviso to section 147 of the Act. Hence, the impugned notice dated March 22, 1999, issued under section 148 of the Act, which is admittedly issued beyond a period of four years, i.e., March 31, 1997, is bad in law and without jurisdiction. Accordingly, notice under section 148 of the Act dated March 22, 1999, is hereby quashed and set aside.
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