Allowing the petition the Court held that in the original assessment proceedings the AO has examined the profit and loss account thoroughly and thereafter passed the order. As there is No failure to disclose on part of assessee to produce all material particulars during original assessment proceedings-Notice for reassessment is held to be not valid. (AY. 2012-13)
Sutara Ventures (P) Ltd. v. UOI (2020) 268 Taxman 367 (Bom.)(HC)
S. 147 : Reassessment-After the expiry of four years-Stock in trade – Debit of purchase of traded goods-In the original assessment proceedings profit and loss account was thoroughly scrutinised by the AO-No failure to disclose on part of assessee to produce all material particulars during original assessment proceedings-Notice for reassessment is held to be not valid. [S. 68, 148, Art. 226]