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2020 (5) TMI 91 - HC - Income TaxReopening of assessment u/s 147 - validity of reasons to believe - HELD THAT:- In the entire reasons recorded there is not even a whisper that there is any failure on the part of the assessee to disclose fully and truly all material facts. It being an admitted position that the assessment is sought to be reopened beyond a period of four years from the end of the relevant assessment year in a case where a scrutiny assessment has been made u/s 143(3) it was incumbent upon the AO to record, in the reasons itself, as to whether there was any failure on the part of the assessee to disclose fully and truly all material facts. In the absence of any such finding in the reasons recorded for reopening the assessment, the assumption of jurisdiction on the part of the Assessing Officer, beyond a period of four years from the end of the relevant assessment year, lacked validity. No substantial question of law. Insofar as the finding recorded by the Tribunal that the Assessing Officer could not lay his hands on any new information and has re-appreciated the information already possessed by him and considered it in the scrutiny assessment, as rightly pointed out by the learned senior standing counsel for the appellant, in the light of the provisions of Explanation 1 to section 147 there is no bar against the Assessing Officer on reopening the assessment on the basis of information contained in the material which was already placed before the Assessing Officer. Information has to be such as is contemplated in the Explanation 1 to section 147 of the Act. In the present case, there is no observation of the AO that the material on record was embedded in such a manner that it was not possible for the AO to notice the same at the time of scrutiny assessment. Moreover, as recorded earlier, the very same issue had already been scrutinized during the course of scrutiny assessment. No infirmity can be found in the impugned order warranting interference. - Decided against revenue.
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