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Interdiction provided in the proviso appended to section 147 of the Income Tax Act puts embargo on the power of the AO to reopen an assessment in the cases where four years have been expired and the assessment was framed under section 143(3) of the Act. The assessment cannot be reopened unless it is established that the assessee has failed to disclose fully and truly all material facts necessary for the assessment for that assessment year.

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Sec. 147 of Income Tax Act, 1961—Re assessment — Interdiction provided in the proviso appended to section 147 puts embargo on the power of the AO to reopen an assessment in the cases where four years have been expired and the assessment was framed under section 143(3) and the assessment cannot be reopened unless it is established that the assessee has failed to disclose fully and truly all material facts necessary for the assessment for that assessment year and a perusal of the reasons would indicate that nowhere the AO has made out that the income has escaped the assessment on account of failure of the assessee to disclose all material acts fully and truly, therefore, reassessment is not sustainable - CORE HEALTHCARE LTD. V/s DEPUTY CIT - [2020] 28 ITCD Online 050 (ITAT-AHMEDABAD)