https://www.taxtmi.com/caselaws?id=24286 The court held that the Revenue is not entitled to reopen the assessments as the assessees had disclosed all necessary material facts, and the Revenue had already accepted the valuation and concluded the assessments. It was deemed impermissible for the Revenue to reopen the assessments based on external complaints or reports after the initial acceptance. The court emphasized that once all material facts are disclosed, assessments cannot be reopened later. The court quashed the notices in the fifteen cases and allowed the writ petitions, without addressing the plea of limitation raised by the assessees. en-us Tue, 07 Mar 1989 00:00:00 +0530 Tue, 19 Jan 2010 10:35:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24286 The court held that the Revenue is not entitled to reopen the assessments as the assessees had disclosed all necessary material facts, and the Revenue had already accepted the valuation and concluded the assessments. It was deemed impermissible for the Revenue to reopen the assessments based on external complaints or reports after the initial acceptance. The court emphasized that once all material facts are disclosed, assessments cannot be reopened later. The court quashed the notices in the fifteen cases and allowed the writ petitions, without addressing the plea of limitation raised by the assessees. Case-Laws Income Tax Tue, 07 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24286