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2014 (11) TMI 950 - DELHI HIGH COURTValidity of notice for reopening of assessment u/s 148 - Failure on the part of the assessee to disclose fully and truly all material facts necessary for its assessment or not – Held that:- The essential ingredient of there being a failure to disclose fully and truly all material facts necessary for assessment is conspicuous by its absence - there is not even an allegation or a whisper or suggestion with regard to this in the reasons recorded – in Haryana Acrylic Manufacturing Company v. CIT [2008 (11) TMI 2 - DELHI HIGH COURT] it has been held that the reasons must record that there was such a failure on the part of the assessee or, in the least, the reasons must lead to the clear and direct inference that there was a failure on the part of the assessee to fully and truly disclose all material facts necessary for assessment - the reasons must indicate which material fact was not fully and truly disclosed – in the reasons recorded, there is neither any allegation that the assessee had failed to truly and fully disclose material facts at the time of the assessment - one of the essential ingredients for re-opening an assessment beyond the period of four years has not been satisfied - The re-assessment proceedings are bad in law – the notice u/s 148 and the re-assessment order is set aside – Decided in favour of assessee.
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