Reopening of assessment despite full & true disclosure of material facts is unjustifed

Suminter Organic and Fair Vs DCIT (Bombay High Court) Bombay High Court held that reopening of assessment in absence of failure on the part of the assessee to disclose fully and truly the material facts and also in absence of any tangible material is unjustifiable. Facts- The Petitioner challenges the notice under section 148 of the Income Tax Act. The reason for reopening is that the petitioner had issued premium of Rs.17 per share, which was not valued correctly in terms of Rule 11UA r/w Section 56(2)(viib) of the Income Tax Act and that the correct valuation of equity shares as per the afor...