https://www.taxtmi.com/caselaws?id=17238 The High Court upheld the Tribunal's decision to reopen the assessment under section 147(a) of the Income-tax Act due to the assessee's failure to disclose primary facts regarding the sale of machinery and pre-production expenses. The court emphasized that the machinery was sold before installation, rendering the pre-production expenses irrelevant. Additionally, the court deemed the capitalization of pre-production expenses as a factual matter based on estimates, declining to delve further into the issue. The judgment highlighted the necessity of disclosing all relevant facts in tax assessments and supported the reopening decision based on the lack of essential information disclosure. en-us Mon, 15 Jul 1996 00:00:00 +0530 Sat, 19 Sep 2009 18:37:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17238 The High Court upheld the Tribunal's decision to reopen the assessment under section 147(a) of the Income-tax Act due to the assessee's failure to disclose primary facts regarding the sale of machinery and pre-production expenses. The court emphasized that the machinery was sold before installation, rendering the pre-production expenses irrelevant. Additionally, the court deemed the capitalization of pre-production expenses as a factual matter based on estimates, declining to delve further into the issue. The judgment highlighted the necessity of disclosing all relevant facts in tax assessments and supported the reopening decision based on the lack of essential information disclosure. Case-Laws Income Tax Mon, 15 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17238