DISCOVERY OF NEW FACTS.

[Sadanand Bulbule]

Sir

Section 6-A(3) of the CST Act,1956 provides for further reassessment of interstate stock transfers on the condition that, there shall be ' discovery of new facts'.

The legal position being so, what are the possible new facts that could be discovered by the assessing authority to re-open the concluded original reassessment three years back?

In the absence of any new facts discovered, whether assessing authority can invoke the jurisdiction under Section 6-A(3) of the CST Act?

pl enlighten with judicial rulings, if any.

AI Summary

Clarifying Section 6-A(3) of CST Act: What Justifies Reopening Interstate Stock Transfer Reassessments with New Facts? A discussion on the conditions under Section 6-A(3) of the CST Act, 1956, regarding the reassessment of interstate stock transfers if new facts are discovered. A participant queries what constitutes 'new facts' that would justify reopening a reassessment conducted three years prior. A respondent suggests that reassessment requires the discovery of new material facts impacting the assessment, such as potential tax evasion or non-deposition of collected tax. Without such discoveries, reassessment may not be warranted. Another participant expresses gratitude for the clarification.