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2018 (12) TMI 189 - AT - Income TaxReopening of assessment - reasons of reopening of assessment - Held that:- While following the decision in the case of Wel Intertrade P. Ltd vs ITO [2008 (8) TMI 18 - HIGH COURT DELHI] and Duli Chand Singhania Vs. ACIT [2003 (12) TMI 23 - PUNJAB AND HARYANA HIGH COURT] for the principle that in the absence of an allegations that escapement of income had occurred by reason of failure on the part of the assessee to disclose fully and truly all the material facts necessary for his assessment, which is a “sine qua non” for assuming jurisdiction u/s 147 in a case falling under the proviso thereto, any action taken by the AO is wholly without jurisdiction. In the instant case, it is not the case of the revenue that any material could be secured in the search conducted at the premises of the assessee to suggest that the assessee failed to disclose fully and truly all material facts necessary for the assessment, as such, reopening u/s 147 of the Act is justified. We hold that the reopening proceedings cannot survive and that are liable to be quashed and are accordingly quashed. - Decided in favour of assessee.
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