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2014 (10) TMI 547 - DELHI HIGH COURTValidity of notice u/s 148 – Failure to disclose material facts or not - Notice issued after four year - Held that:- The issuance of notice u/s 148 of the Act is beyond the period of four years from the end of the relevant AY 2006-2007 - while the AO mentioned that income had escaped assessment because of the failure on the part of the assessee to fully and truly disclose the material facts for assessment, he has not indicated as to which material fact had not been fully and truly disclosed by the assessee – following the decision in M/s Swarovski India Pvt. Ltd. vs. Deputy Commissioner of Income Tax [2014 (9) TMI 4 - DELHI HIGH COURT] wherein the notice u/s 148 of the Act was quashed for being issued after the expiry of 4 years from the relevant AY wherein there was no specific mention of which material facts were not disclosed by the assessee in the course of its original assessment proceedings u/s 143(3) of the Act - there exist no grounds for re-opening the assessment after the expiry of 4 years from the relevant AY - The notice u/s 148 of the Act is based on re-appreciation of the same material on record – revenue has not specifically indicated as to which material facts were not disclosed by the assessee in the course of the assessment proceedings under the Act – thus, the notice dated 28.03.2013 issued by the revenue u/s 148 of the Act is liable to be quashed – Decided in favour of assessee.
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