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1997 (12) TMI 12 - SC - Income Tax
Reopening of the assessment u/s 147(a) on basis of information regarding undervaluation of inventories obtained in the subsequent year s assessment - held that the court cannot strike down the reopening of the case in the facts of this case - sufficiency or correctness of the material is not a thing to be considered at this stage - It will be open to the assessee to prove that the assumption of facts made in the notice was erroneous
The Supreme Court upheld the reopening of assessment of Raymond Woollen Mills Ltd. due to undervaluation of inventories and understatement of profits. The court stated that the sufficiency or correctness of the material is not to be considered at this stage. The appellant can challenge the assumption of facts and present all points before the assessing authority. The appeals were dismissed with no order as to costs.
9911796707
