https://www.taxtmi.com/caselaws?id=273098 The court held that the reassessment notice dated 6.6.2003 was valid as the reasons recorded on 12.5.2003 were sufficient for the initiation of reassessment proceedings. Regarding the valuation of closing stock, the court found that there was relevant material to form a belief that the petitioner's income had escaped assessment due to the non-inclusion of Central Sales Tax (CST) and excise duty in the closing stock valuation. Consequently, both writ petitions were dismissed, directing the petitioner to appear before the concerned authority to proceed with the reassessment, with the period of stay order excluded from the limitation period for completing the reassessment proceedings. en-us Thu, 31 Mar 2011 00:00:00 +0530 Mon, 21 Aug 2023 16:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273098 The court held that the reassessment notice dated 6.6.2003 was valid as the reasons recorded on 12.5.2003 were sufficient for the initiation of reassessment proceedings. Regarding the valuation of closing stock, the court found that there was relevant material to form a belief that the petitioner's income had escaped assessment due to the non-inclusion of Central Sales Tax (CST) and excise duty in the closing stock valuation. Consequently, both writ petitions were dismissed, directing the petitioner to appear before the concerned authority to proceed with the reassessment, with the period of stay order excluded from the limitation period for completing the reassessment proceedings. Case-Laws Income Tax Thu, 31 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273098