9911796707
TMI Blog2009 (2) TMI 55X X X X Extracts X X X X X X X X Extracts X X X X ..... ). By the said notice the assessment for AY 2002-03 is sought to be reopened. As the reassessment order was passed on 30/12/2008 during the pendency of the present petition, the petition has been amended to challenge the order of reassessment. 3. The facts relevant for the present petition are that the petitioner is a Company engaged in the business of manufacture and sale of automobile insulation / trim components, floor covering of carpets, etc. 4. For the A.Y. 2002-2003 the assessee had filed its return of income which was duly assessed under section 143(3) of the Act on 24/1/2005, by allowing depreciation on goodwill as claimed by the assessee. 5. By the impugned notice dated 28/3/2008 the assessment for A.Y. 2002-2003 is sought to b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng officer purported to pass the reassessment order during the pendency of the writ petition. The petitioner moved the Vacation Court seeking stay of the proceedings, but the same was declined. Thereafter, the reassessment order was passed on 30/12/2008, which is challenged by amending the writ petition. 8. The short question to be considered in this Writ Petition is, whether the reopening of the assessment for AY 2002-03 beyond four years from the end of the AY 2002-03 is justified ? In other words, the question is, whether the condition precedent for reopening of the assessment beyond four years from the end of the relevant assessment year have been fulfilled in the present case ? 9. Under section 147 of the Act, assessments made under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see pages 44, 53, 60 & 66 of the petition) clearly show that all the facts relating to the claim of depreciation on goodwill have been fully disclosed by the petitioner. In these circumstances, the contention of the revenue that the petitioner has failed to disclose the nature of the goodwill is liable to be rejected. 13. We make it clear that we are not expressing any opinion as to whether the goodwill is a commercial right or has the characteristics similar to intangible assets as enumerated in Explanation 3 to section 32 of the Act. That issue may be considered in an appropriate case. 14. In the present case, we are only concerned with the issue as to whether the petitioner had failed to disclose fully and truly all material facts rega ..... X X X X Extracts X X X X X X X X Extracts X X X X
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