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2020 (2) TMI 122 - HC - Income TaxReopening of assessment u/s 147 - failure on the part of the assessee to disclose fully and truly all the material facts - deduction u/s 53(b) and 54(1)(i) - ITAT allowed the appeal of the Revenue - HELD THAT:- It cannot be said that there was no full and true disclosure at the end of the assessee of the material facts. In such circumstances, it could be said that there was no tangible material with the Assessing Officer for the purpose of reopening the assessment except the change of opinion that the deductions could not have been claimed and allowed under Sections 53(b) and 54(1)(i) of the Act. The conveyance deed; permission of the appropriate authority to sell the property and other documents were filed by the appellant at the time of original assessment proceedings. Nothing was suppressed. The Form 37-I as referred to above speaks for itself. It is not in dispute that the notice under Section 148 of the Act came to be issued beyond the period of four years. The CIT(A) recorded a finding of fact that there was no failure on the part of the assessee to disclose fully and truly all the material facts necessary for the assessment. Such finding of fact could not have been disturbed by the appellate tribunal without any basis for the same. - we hold that the impugned order passed by the appellate tribunal is not sustainable in law. Decided in favour of assessee.
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