Allowing the petition the Court held that ; the notice for reopening of the assessment having been issued beyond a period of four years from the end of relevant assessment year, there was no failure on the part of the assessee to disclose truly and fully all material facts became relevant hence the notice issued to assessee the loan as deemed dividend was held to be not valid .( AY.2008 -09)
Gujarat Mall Management Company Private Limited v. ITO (2018) 400 ITR 329 (Guj) ( HC)
S.147: Reassessment-After the expiry of four years-Deemed dividend – No failure to disclose material facts hence reassessment was held to be not valid [ S. 148 ]