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2019 (9) TMI 653 - AT - Income TaxRe-opening of assessment u/s 147 - disallowance of claim u/s. 36(1)(viia) - HELD THAT:- There is no violation on the part of the assessee to fully disclose material facts, are of the substantive opinion that the re-assessment u/s 147 is bad in law as the assessee bank has substantiated with evidence and judicial decisions on full and fair disclosure of material. Assessee-bank has discharged its duty by disclosing all material facts fully and truly and if the information submitted is untrue or on account of omission or failure to discharge fully and truly, the provisions of section 147(a) shall not apply. We also support our view and rely on the decision of the Hon’ble Karnataka High Court in the case of Infosys Ltd. (Formerly known as Infosys Technologies Ltd.) vs. Deputy Commissioner of Income-tax [2019 (6) TMI 1261 - KARNATAKA HIGH COURT] Accordingly, we set aside the order of CIT(A) and quash the re-assessment proceedings - Decided in favour of assessee.
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