Reassessment proceedings were initiated by the AO on the basis of tax audit report and on the basis of information available in the Profit and Loss account. There was no reference to any new material by the AO after the completion of the original assessment under s 143(3). Considering the law laid down in Kelvinator of India Ltd., no substantial question of law arises for consideration in the present appeal.
Reopening of assessment merely on the basis of tax audit report is unsustainable — as held by DelHC in CIT v Modipon Ltd. — In favour of: The Assessee ; ITA No. 533 of 2011
Decided on: 21 March 2011
Section 147 does not provide a fresh opportunity to the AO to correct an incorrect assessment made earlier unless the mistake in the assessment so made is the result of a failure on the part of assessee to fully and truly disclose all material facts necessary for assessment — as held by MumHC in Titanor Components Ltd. v ACIT and Others — In favour of: The Assessee ; Writ Petition No. 71 of 2005
Decided on: 9 June 2011
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