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2017 (3) TMI 1513 - ITAT AHMEDABADReopening of assessment - loans and advances - Held that:- Assessee vide its reply dated 03.10.2005 submitted the details of loans and advances given above ₹ 1 lac vide Annexure-F and also furnished details of interest charged. Copies of interest accounts vide Annexure-G were also placed on record. Thereafter, on 20.02.2006, assessment under Section 143(3) of the Act was completed at the returned income and ld. Assessing Officer has mentioned that all details were furnished as called for. All these series of facts clearly show that ld. Assessing Officer has made full application of mind on the details of loans and advances given and interest paid before finalizing the assessment under Section 143(3) of the Act and the alleged action of reopening under Section 147 of the Act cannot be held to be correct in this case wherein reopening has taken place after expiry of four years and there is no new material available with the Revenue to show that income chargeable to tax has escaped assessment by reason of failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessment. We, therefore in view of our discussion above and totality of facts, are of the considered view that reassessment proceedings under Section 147 are bad in law and liable to be quashed - Decided in favour of assessee.
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