Allowing the petition the Court held that ,the reassessment proceedings to deny the exemption u/s 10(1) of the Act in respect of Mushroom Cultivation was held to be not valid as there no failure on the part of the assessee to disclose the relevant material facts. In the Course of original assessment proceedings the assessee has disclosed fully and truly all material facts . Court also directed the Counsel to furnish the compilation of judgments on reassessment proceedings to the Commissioner to study the same. Even for reopening the assessment with in four years there are certain jurisdictional requirements that must exist before the power of reassessment is exercised . Court also passed strictures against the AO for making comments which are highly objectionable and bordering on contempt and for being oblivious to law. (WP NO. 1000 of 2017 dt.13-03-2018 )( AY.2011-12 ) (WP No 1001 of 2017 11-04-2018 (AY.2013-14)
Zuari Foods and farms Pvt. Ltd. v. ACIT( 2018) 408 ITR 279( Bom)(HC),www.itatonline.org
S.147: Reassessment-After the expiry of four years- Income from Mushroom Cultivation as Agricultural Income. The ground that the petitioner had failed to disclose all the relevant material was not incorporated in the reasons supplied to the petitioner- Court directed the Counsel to furnish the compilation of judgments on reassessment proceedings to the Commissioner to study the same. Even for reopening the assessment with in four years there are certain jurisdictional requirements that must exist before the power of reassessment is exercised .Strictures passed against the AO for making comments which are highly objectionable and bordering on contempt and for being oblivious to law. [ S. 2(1A), 10(1),148 ]