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2022 (4) TMI 1396 - HC - Income TaxReopening of assessment u/s 147 - proceedings after the expiry of four years from the end of the relevant assessment year - Eligibility of reasons to believe - HELD THAT:- As noted the reasons recorded admit that Petitioner had disclosed that it had traded in the shares of Finalysis. To a query raised under Section 142(1), Petitioner has also admitted that it has traded in Finalysis and even provided documents thereto. The issue of capital gains from shares which included the shares of Finalysis was under active consideration before the Assessing Officer. That would also show there was no failure to disclose. Therefore, it cannot be stated that Respondents have crossed the threshold or the fetter provided for in the proviso to Section 147 of the Act that re-opening after the expiry of four years is permissible only when there is failure to truly and fully disclosed material facts.
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