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2015 (12) TMI 577 - GUJARAT HIGH COURTReassessment - period of limitation - Adjustment of additional tax liability - Adjustment against Incentive limit - Revenue contends that assessee should paid the additional liability as cash - Held that:- Nothing is indicated therein as to what was the nature of concealment or incorrect declaration or return furnished by the assessee. A perusal of the order of assessment dated 27.7.2004 clearly shows that the assessing authority at the relevant time had taken into consideration the additional tax payable under section 4A of the Act and had duly computed the tax liability after considering the component of additional tax and had adjusted the same against the exemption limit. Under the circumstances, on the facts as emerging from the record, the Commissioner had no reason to believe that the assessee had concealed any material particulars or had furnished incorrect declaration or return. Therefore, the ingredients of clause (a) of section 44 of the Act are clearly not satisfied. Consequently, the Assessing Authority was not justified in invoking the extended period of limitation under section 44(a) of the Act. The Tribunal, therefore, did not commit any legal error in holding that the reassessment was barred by limitation. Having regard to the fact that the reassessment under section 44 of the Act is itself barred by limitation, it is not necessary to enter into the merits of the other issues adjudicated by the Tribunal. - order of reassessment has been held to be time barred, it is not necessary to enter into the merits of the other questions proposed by the appellant - Decided against Revenue.
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