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Case Law Details

Case Name : Jayant Agro Chemicals Ltd Vs ITO and Others (Bombay High Court)
Appeal Number : Writ Petition No. 118 of 2011
Date of Judgement/Order : 14/03/2011
Related Assessment Year :
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Jayant Agro Chemicals Ltd Vs ITO and Others

As per the proviso to s 147 of the Act, the assessment can be reopened beyond four years from the end of the relevant assessment year, only if there is failure on the part of the assessee to disclose fully and truly all material facts. In the present case, the assessment is sought to be reopened beyond the period of four years and there is no material on record to suggest that there was failure on the part of the assessee to disclose fully and truly all material facts. From the reasons recorded for reopening of the assessment, it cannot even remotely be said that there is failure to disclose fully and truly all material facts. Presumption on the part of the AO that the assessee has failed to achieve 82% value addition is not even case of the licensing authority who has imposed the condition regarding value addition. The notice impugned in the petition for reopening of the assessment cannot be sustained.

Jayant Agro Chemicals Ltd Vs ITO and Others

High Court of Bombay

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