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2012 (3) TMI 334 - BOMBAY HIGH COURTReopening - Time limitation - Moreover it was stated that the relevant records are inspected by the Excise authorities in the course of Excise audits and the percentage of melting loss will vary from factory to factory depending on the type and quality of raw material, machinery and process used - The jurisdictional condition is that in such case before an assessment can be validly reopened, there must be a failure on the part of the assessee to state fully and truly all the material facts necessary for the assessment - Assessing Officer could not have reopened the assessment on the basis of this subsequent decision of the Tribunal unless the jurisdictional requirements in the proviso to Section 147 were fulfilled - it is evident that the Assessing Officer has transgressed the limits on his jurisdiction for seeking to reopen an assessment beyond a period of four years from the end of the relevant assessment year - Decided in favor of the assessee
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