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2022 (2) TMI 158 - AT - Income TaxReopening of assessment u/s 147 - As amendment to section 115JB of the Act by the Finance Act, 2009 w.r.e 01.04.2001 by which Explanation 1 to the section has been inserted book profit u/s. 115JB of the Act had to be reworked out. - HELD THAT:- All the facts were available before the Assessing Officer when he framed the assessment order u/s. 143(3) of the Act. It can be seen from the computation of total income mentioned elsewhere, the Assessing Officer has computed book profit as per MAT u/s. 115JB of the Act.As decided in ODAFONE WEST LTD. VERSUS ASSISTANT COMMISSIONER OF INCOME-TAX [2013 (7) TMI 536 - GUJARAT HIGH COURT] that beyond a period of 4 years, retrospective amendment u/s. 115JB of the Act could not be a ground for reassessment. Such legal proposition requires no authority of law. We are of the considered view that all the relevant facts were available on record and it could not be said that at the time when the assessee filed return, he had failed to disclose fully and truly all material facts necessary for assessment because the amendment which was introduced retrospectively was not there. No hesitation to hold that there was no failure on the part of the assessee to fully and truly disclose all material facts to justify the reopening of the completed assessment. Therefore, we set aside the notice dated 04.12.2012 issued u/s. 148 of the Act and quash the same resulting into the quashing of the assessment order dated 22.03.2013 framed u/s. 143(3)/148 - Decided in favour of assessee.
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