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2019 (2) TMI 1330 - HC - Income TaxReopening of assessment - firm had claimed excess deduction u/s 10AA - HELD THAT:- AO seeks to reopen the assessment on the basis of conjectures and surmises and that on the reasons recorded, the AO could not have formed the belief that income chargeable to tax has escaped assessment. As further pointed out that in this case the impugned notice has been issued on 31st March, 2018 in relation to AY 2011-12 which is clearly beyond a period of four years from the end of the relevant assessment year without there being any failure on the part of the petitioner to disclose fully and truly all material facts necessary for his assessment, therefore, the assumption of jurisdiction on the part of the AO under section 147 of the Act, is invalid. Having regard to the submission advanced by the learned counsel for the petitioner, Issue Notice returnable on 5th February, 2019.
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