https://www.taxtmi.com/highlights?id=56948 Reopening of assessment u/s 147 - Disallowance of non - compete fees - Valuation in the Agreement has not been clearly explained by the petitioner. In the above background, it is to be noted that when the detailed questionnaire was issued by the Assessing Officer under Section 143(2) of the Income Tax Act, 1961 to the petitioner, in its reply dated 25.01.2005, the petitioner did not make true and full disclosure inasmuch as reference to Clause 2.4 of the II Agreement dated 17.08.2002 was not made. - HC en-us Sat, 27 Feb 2021 17:52:33 +0530 Sat, 27 Feb 2021 17:52:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=56948 Reopening of assessment u/s 147 - Disallowance of non - compete fees - Valuation in the Agreement has not been clearly explained by the petitioner. In the above background, it is to be noted that when the detailed questionnaire was issued by the Assessing Officer under Section 143(2) of the Income Tax Act, 1961 to the petitioner, in its reply dated 25.01.2005, the petitioner did not make true and full disclosure inasmuch as reference to Clause 2.4 of the II Agreement dated 17.08.2002 was not made. - HC Highlights Income Tax Sat, 27 Feb 2021 17:52:33 +0530 https://www.taxtmi.com/highlights?id=56948