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2019 (4) TMI 836 - GUJARAT HIGH COURTReopening of assessment u/s 147 - original assessment u/s 143(3) - failure on the part of the petitioner to disclose fully and truly all material facts necessary for the assessment - wrong facts in reasons recorded - Assessee received Share premium from Shri Dalal - addition of pre-operative expenses - HELD THAT:- At the time of scrutiny assessment, details of both the issues on which reopening is sought to be made, have been considered by the Assessing Officer at the time of passing the assessment order under section 143(3) and therefore, there is no failure on the part of the assessee to furnish fully and truly all material facts necessary for assessment before the AO. From the records, it also appears that Shri Dalal is issued only 15,75,000 shares and not 10,00,000 shares as recorded in the reasons recorded by the Assessing Officer. Therefore, the reasons recorded by the Assessing Officer are not on the basis of any further materials or details which have come to the knowledge of the Assessing Officer after passing the assessment order, and it is only a guess work on part of the Assessing Officer while recording the reasons amounting to a fishing inquiry. Impugned notice cannot be sustained as the same is issued after expiry of four years from the end of relevant assessment year as proviso to section 147 of the Act would be applicable in absence of any failure on the part of the petitioner to disclose fully and truly all material facts necessary for the assessment year 2011-12.
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