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2019 (9) TMI 314 - HC - Income TaxReopening of assessment u/s 147/148 - notice beyond a period of four years from the end of the relevant Assessment Year - ITAT quashing reassessment proceedings - HELD THAT:- It is an undisputed position that for the Assessment Year 2005-06, assessment was completed under Section 143(3) of the Act on 29th December, 2008. Thereafter, on 27th March, 2012, a notice under Section 148 of the Act was issued to the Respondent, seeking to reopen the assessment for the Assessment Year 2005-06. Thus, the re-opening notice was admittedly beyond a period of four years. It is also an undisputed position that reasons recorded for reopening of an assessment does not mention any failure on the part of the Respondent to disclose fully and truly all material facts necessary for the assessment. As decided in TITANOR COMPONENTS LTD. VERSUS ACIT, CIT AND UOI [2011 (6) TMI 138 - BOMBAY HIGH COURT] it is necessary for the AO to first observe that there is a failure to discloser fully and truly all material facts necessary for assessment and having observed that there is such failure to proceed under Section 147 - no substantial question of law - decided against revenue
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