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2012 (12) TMI 695 - GUJARAT HIGH COURTReopening of assessment - beyond the period of 4 years - no mention of inclusion/ exclusion of excise duty paid on raw materials purchased and consumed - Held that:- Persuing the return filed by the petitioner he had disclosed sales (including Sales Tax and Excise Duty) of Rs.15.46 crores (rounded off) & Schedule H mentioning that there are certain loans and advances, one of which was of Rs.84.58 lakhs pertaining to balance lying with the Excise Authorities. Such balance, it is a common ground, pertains to MODVAT Credit. Thus as the petitioner had made necessary disclosure and had excluded such amount from the computation of income. Even in the reasons recorded, Assessing Officer has stated that “ on verification of the case records, it is noticed that ....” Thus, the material which the Assessing Officer relied in the reasons recorded, emanates from the record itself - no reason to reopen the assessment - in favour of assessee.
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