https://www.taxtmi.com/caselaws?id=12312 Where reassessment notices under ss. 147/148 were issued beyond four years, the HC held reopening was impermissible because the assessee had fully and truly disclosed the basis of claiming deduction for customs duty liability (claim founded on furnishing a bank guarantee notwithstanding s. 43B), and reopening on the same material amounted to a mere change of opinion; consequently, reassessment for AYs 1984-85 and 1985-86 was quashed and the revenue's appeals were dismissed. For AY 1987-88, reopening was upheld, and on merits the HC construed s. 43B (non obstante; "actually paid") to require cash/actual payment, holding a bank guarantee is only a contingent security and not "actual payment"; the deduction was disallowed and the revenue's appeal was allowed. en-us Thu, 18 Jul 2002 00:00:00 +0530 Wed, 24 Dec 2025 20:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12312 Where reassessment notices under ss. 147/148 were issued beyond four years, the HC held reopening was impermissible because the assessee had fully and truly disclosed the basis of claiming deduction for customs duty liability (claim founded on furnishing a bank guarantee notwithstanding s. 43B), and reopening on the same material amounted to a mere change of opinion; consequently, reassessment for AYs 1984-85 and 1985-86 was quashed and the revenue's appeals were dismissed. For AY 1987-88, reopening was upheld, and on merits the HC construed s. 43B (non obstante; "actually paid") to require cash/actual payment, holding a bank guarantee is only a contingent security and not "actual payment"; the deduction was disallowed and the revenue's appeal was allowed. Case-Laws Income Tax Thu, 18 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12312