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2018 (2) TMI 1162 - HC - Income TaxReopening of assessment - business loss claimed by the assessee as previously accumulated on account of sale of shares - disallowance u/s 14A - eligibility of reasons to believe - Held that:- Assessing Officer in the reasons had begun with expression “verification of case records it is found that/seen that”. Thus on both issues, AO was referring to the materials on record to form a belief that income chargeable to tax had escaped assessment. There was thus nothing extraneous to the record which led the Assessing Officer to form such a belief. On both counts thus, there was clear and ample material on the basis of which the assessee had made respective claims. When therefore the Assessing Officer was seeking to reopen the assessment beyond a period of four years from the end of the relevant assessment year, the question of failure on part of the assessee to disclose truly and fully all material facts for such assessment was an important aspect. Ignoring such additional requirement flowing from section 147 the Assessing Officer issued the impugned notice. There being no element of failure on part of the assessee to disclose true and full facts, the impugned notice could not have been issued. - Decided in favour of assessee
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