TaxTMI 
TaxTMI 
1972 (8) TMI 28
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....rofit and loss account. The petitioner was engaged in the manufacture of handloom goods, and for the purpose of manufacture, it had imported 4,310 lbs. of art silk for the value of Rs. 20,772 under an import licence. At the time of the assessment, the Income-tax Officer appears to have asked the petitioner to furnish information about the quantity and the value of the imported art silk used in the manufacture. The petitioner had furnished the above information required by the Income-tax Officer. This is clear from certain entries made by the Income-tax Officer in the trading and profit and loss account filed by the petitioner which finds a place in the assessment file produced before us. The Income-tax Officer accepted the petitioner's retu....
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....y point that is made out in the counter-affidavit of the respondent as a ground for initiation of reassessment proceedings under section 147 of the Act is that the petitioner furnished only trading and profit and loss account along with the return of income, and that he did not furnish any particulars regarding the details of import licences granted to him, how he dealt with such licences, the nature of commodities imported, the nature of cloth manufactured out of the imported art silk yarn, etc. It has also been stated therein that the petitioner has kept back material particulars such as the names of the persons through whom the goods were imported and the name of the clearing agent through whom the goods were cleared. Even assuming that ....
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....e for the assessment or reassessment beyond the period of four years, but within the period of eight years. It was also laid down in that case that the assessee's duty to disclose fully and truly all the materials necessary for the assessment does not extend beyond the full and truthful disclosure of the material facts, that he is not expected to assist the Income-tax Officer to draw proper inference from the material facts placed by him. In Commissioner of Income-tax v. Burlop Dealers Ltd. the Supreme Court again reiterated the same legal position. In that case, the assessee had disclosed its books of account and evidence from which material facts could be discovered. The question arose whether the assessee was under a legal obligation to ....