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2011 (4) TMI 1036 - HC - Income TaxReopening of assessment - notice after 4 years - valuation of closing stock - allegation of under valuation - held that:- assessee disclosed the method of valuation and also enclosed details of valuation of polished diamonds as on 31.3.2003 and the methodology for working out average cost of polished diamonds per carat. It was after the such detailed exercise undertaken by the Assessing Officer he framed his original assessment. - there was no failure on the part of the assessee to disclose fully and truly all material facts for the purpose of computation of the income of the assessee for the relevant assessment year. - Revenue would not permit reopening of the assessment beyond 4 years.
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