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TMI BlogReopening of assessment - Substance over Form - Failure to disclose material fact - Duty of the AO to make an enquiry to test the correctness of the disclosure made even if the statutory forms signed and certified by the Chartered AccountantX X X X Extracts X X X X X X X X Extracts X X X X ..... r of claim, but, in Column No.7, the date of commencement of manufacturing is mentioned as 28.03.2000. Thus the Assessing Officer stated that the year under consideration happens to be 11th year. The Assessing Officer also referred to the copy of the Form 56G for the assessment year 2001-2002. Accordingly the Assessing Officer informed the assessee that the assessee has exclusively extended its 10B holiday period to the 11th year and hence become ineligible for deduction under Section 10B. Submission of the assessee There was no opening stock as on 1.4.2000. The first invoice was raised only on 31.05.2000 to UNICEF, New Delhi. With regard to the date of commencement of manufacturing activity, the assessee stated that the firm came i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t is applied to the present case, I am of the view that the Revenue has to fail. Revenue took the matter before the division bench of the High Court [ 2019 (7) TMI 415 - MADRAS HIGH COURT ] wherein it was observed that:- There can be no escape from this fact and the assessee should accept this mistake. ................It may be true that the assessee can now take a stand that substance over form is to be considered but what is important is that the assessee at the first instance had a duty to give proper and correct details. We may say that the assessee failed in doing so. Be that as it may, what is required on the part of the Assessing Officer is not to go mechanically by the details disclosed by the assessee in the statutory ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned Single Bench every non-disclosure of material facts will not or cannot be a justifiable reason for reopening an assessment. We reiterate that what was required to be considered is that, substance over form. Therefore, we are of the considered view that the learned Single Bench was perfectly right in allowing the writ petition which had been done after thorough examination of the facts and the legal position. In our considered view the revenue has not made out any grounds to interfere with the order passed by the learned Single Bench. Full Text : 2019 (7) TMI 415 - MADRAS HIGH COURT 2018 (10) TMI 442 - MADRAS HIGH COURT - FAQ - Frequently Asked Questions, TMI Short Notes , Experts comment, opinion Tax Mana ..... X X X X Extracts X X X X X X X X Extracts X X X X
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