https://www.taxtmi.com/caselaws?id=13300 The HC dismissed the petition, affirming the validity of the notice under section 148 of the Income-tax Act, 1961, and the reopening of the assessment. It determined there was no full and true disclosure of material facts by the petitioner, and the reopening was not merely a change of opinion. The court also ruled that depreciation on goodwill was not permissible under section 32(1)(ii) as the goodwill was acquired before April 1, 1998. The rule was discharged with no order as to costs. en-us Tue, 06 Feb 2007 00:00:00 +0530 Thu, 22 Feb 2024 11:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13300 The HC dismissed the petition, affirming the validity of the notice under section 148 of the Income-tax Act, 1961, and the reopening of the assessment. It determined there was no full and true disclosure of material facts by the petitioner, and the reopening was not merely a change of opinion. The court also ruled that depreciation on goodwill was not permissible under section 32(1)(ii) as the goodwill was acquired before April 1, 1998. The rule was discharged with no order as to costs. Case-Laws Income Tax Tue, 06 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13300