Reassessment – no new material or information – not allowed

The only reason which has been given seeking reopening of the assessment for the years 1997- 98 and 1998- 99 is that suppression of sales have taken place on account of the fact that when average price of the closing stock is multiplied with the quantity of the sales in the year then the value of the sales would be at a higher figure than that as declared by the assessee. Clearly, there is no new material which is alleged to have come to the notice of the AO which has caused him to seek reopening of the assessment. Admittedly, the reasons given for seeking reopening of the assessment contains ...