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of The HC held that the respondent was not entitled to reopen the assessment for AY 2003-04 under Section 148 read with Section 147 of the I.T. Act, as the petitioner had fully disclosed all material facts, including the relevant non-compete agreements, during the original assessment. The AO had already scrutinized these documents and treated the non-compete fee as revenue expenditure. The court found no failure to disclose material facts justifying reassessment and rejected the respondent's contention that reopening was warranted due to alleged nondisclosure or misinterpretation of agreement clauses. The petitioner's non-recurring expenditure partly capital in nature did not preclude its treatment as revenue expenditure for tax purposes. Consequently, the reassessment proceedings were quashed, affirming the finality of the original assessment and ruling in favor of the petitioner.
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