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2010 (1) TMI 406 - MADHYA PRADESH HIGH COURTReassessment- The assessee company was engaged in the manufacture of steel tubes and strips. It had taken certain plant and machinery on lease from T. it submitted return of loss for the assessment years 1997-98 and 1998-99. Subsequently the assessee found some technical problems in the transaction and to avoid litigation as also to purchase peace, it offered back only the balance. The assessment were completed accepting the revised returns. However, notice under section 148 of the Act were issued. The Tribunal held that reassessment proceedings were not valid. Held that- in the revised return, the assessee had disclosed the entire facts, and therefore, the Commissioner(Appeals) as well as Tribunal had rightly reached the conclusion that it was not a case where the assessee had failed to disclose fully and truly all material facts necessary for its assessment. Thus the reassessment proceedings not valid.
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