https://www.taxtmi.com/caselaws?id=71350 Reassessment initiated after four years under section 147 was held invalid where the assessee had disclosed all primary facts in the original assessment; a mere incorrect inference by the Assessing Officer did not amount to failure to disclose fully and truly all material facts, so reopening lacked jurisdiction. For section 80HHC, job work and processing charges integrally linked to manufacturing were treated as operating income, not receipts of the kind covered by clause (baa) of the Explanation, and were therefore not subject to the 90% exclusion in computing turnover. en-us Fri, 09 Jun 2006 00:00:00 +0530 Wed, 08 Aug 2012 12:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71350 Reassessment initiated after four years under section 147 was held invalid where the assessee had disclosed all primary facts in the original assessment; a mere incorrect inference by the Assessing Officer did not amount to failure to disclose fully and truly all material facts, so reopening lacked jurisdiction. For section 80HHC, job work and processing charges integrally linked to manufacturing were treated as operating income, not receipts of the kind covered by clause (baa) of the Explanation, and were therefore not subject to the 90% exclusion in computing turnover. Case-Laws Income Tax Fri, 09 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71350