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2012 (12) TMI 12 - ITAT, DELHI
Validity of reopening of assessment u/s 147/148, earlier framed u/s 143(3), after expiry of four years from end of relevant AY – inadmissible depreciation on goodwill - Held that:- In the instant case, AO reopened the assessment completed u/s 143(3) merely on the basis of facts already available before him at the time of original assessment proceedings. Not even a whisper is evident from the reasons recorded or the facts narrated in the impugned order as to whether or not there was any failure on the part of the assessee in disclosing fully and truly all material facts necessary for his assessment. The reasons do not indicate why and how the assessee failed to make full and true disclosure of material facts in relation to depreciation on goodwill. Any such failure as is envisaged in the proviso to sec. 147, is a matter of fact alone and there can be no deemed failure.
In these circumstances, in absence of any failure on the part of the assessee to disclose fully and truly all material facts necessary for its assessment for the assessment year under consideration, the notice u/s 148 having been issued after the expiry of a period of four years from the end of the relevant assessment year, the very initiation of proceedings u/s 147 stands vitiated and as such cannot be sustained - Decided against Revenue