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2022 (1) TMI 1331 - AT - Income TaxReopening of assessment u/s 147 - addition on account of interest u/s 43D - Assessment reopened beyond the period of 4 years from the end of the relevant assessment year - HELD THAT:- From the material on record, it is clearly indicated that the provision of NPA account was made in accordance with the direction of RBI. It is settled position of law that the primary duty of the assessee is only to disclose fully and truly all material facts necessary for the purpose of making the assessment and not draw the inferences. Thus, it cannot be said that there is failure on the part of the assessee to disclose fully and truly all material facts necessary for the purpose of making the assessment. Reliance in this regard can be placed on the decision of Kalpataru Ltd. [2021 (10) TMI 465 - BOMBAY HIGH COURT] Thus, we are of the considered opinion that there is no satisfaction of the proviso to section 147 of the Act and the Assessing Officer was not entitled to reopen the assessment. Even otherwise, it is admitted that the basis of reopening the assessment for the assessment years 2010-11 and 2011-12, wherein, similar addition was made by the Assessing Officer which came to be deleted by the Tribunal vide order dated 26.10.2021[2021 (10) TMI 1204 - ITAT PUNE]. Therefore, the very basis of the re-assessment proceedings does not stand, as once the foundation is removed, the superstructure falls (sublato fundmento credit opus). Decided in favour of assessee.
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