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2018 (10) TMI 1597 - AT - Income TaxValidity of reassessment proceedings - reopening after the expiry of four years from the end of the assessment year - addition made treating income from sale of shares as income from other sources instead of income from capital gains - information received from the Investigation Wing, which was gathered during the search and seizure action - non independent application of mind by AO - borrowed information - Held that:- Though the information received from the Investigation Wing was subsequent to the original assessment passed U/s 143(3) read with Section 147 of the Act on 25/8/2009, however, the Assessing Officer himself has not alleged in the reasons recorded that there is failure on the part of the assessee to disclose fully and truly all relevant material facts necessary for assessment. Therefore, once the Assessing Officer himself has not stated in the reasons that there is a failure on the part of the assessee to disclose fully and truly all relevant facts necessary for assessment then the reopening of assessment after four years from the end of the assessment year is not permitted as hit by proviso to Section 147 - Quash the reopening of the assessment being invalid - decided in favour of assessee.
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