Placid Ltd. v. ACIT(2022) 285 Taxman 387/ 329 CTR 795/ 220 DTR 73 (Cal.)(HC)

S. 147 : Reassessment-After the expiry of four years-Non-compete fee-Capital gains or business income-Material was available at the time of oeiginal assessment-Reassessment notice is held to be not valid. [S. 28(va), 45, 148, Art. 226]

Allowing the petition the court held that there was no omission or failure on part of assessee in disclosing fully and truly all relevant material facts necessary in the course of scrutiny assessment, hence the reassessment after the expiry of four years whether the tax the non-compete fee as business income or capital gains is held to be not valid. (AY. 2012-13)