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TMI Blog2009 (2) TMI 55X X X X Extracts X X X X X X X X Extracts X X X X ..... and J. P. DEVADHAR, JJ. Mr. P. J. Pardiwala, senior Advocate with Jitendra Jain i/b. Atul Jasani for the petitioner. Mr. J. S. Saluja, Advocate for the respondents. JUDGMENT J.P.DEVADHAR, J. - Rule. Rule made returnable forthwith. Learned counsel for the respondents waives service. By consent of the parties, the petition is taken up for final hearing. 2. This petition is filed to challenge the notice dated 28th March, 2008 issued under section 148 of the Income Tax Act, 1961 ('Act' for short). 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. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng instruction and in the meantime agreed to maintain status quo. Accordingly, the petition was adjourned to 17th December, 2008. On 17th December, 2008 the advocate for the revenue tendered affidavit in reply to oppose admission of the petition. To enable the petitioner to consider the affidavit in reply, the petition was adjourned beyond Christmas Vacation i.e. adjourned to 12/1/2009. Presuming that the status quo order was till the reply was filed, it appears that the assessing 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 cha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the 'goodwill' is not an intangible asset and hence not eligible for depreciation. In such a case, reopening of the assessment on the ground that the assessee has not disclosed the nature of the goodwill and, therefore, there is failure on the part of the petitioner to disclose fully and truly all materials facts cannot be accepted. 12. In any event, perusal of the return of income filed by the petitioner, particularly the notes and the schedule annexed to the Balance Sheet (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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