https://www.taxtmi.com/caselaws?id=407095 The court upheld the reopening of the assessment for Assessment Year 2012-2013, finding the reasons valid as the petitioner failed to substantiate the reduction in inventory value during the original assessment. The court emphasized the assessee's duty to accurately compute income for tax purposes and the assessing officer's right to reopen assessments for questionable claims. The writ petition was dismissed, but the petitioner was allowed to participate in further proceedings, with the respondent directed to issue a fresh assessment order within 90 days, independent of the court's observations. en-us Fri, 16 Apr 2021 00:00:00 +0530 Fri, 30 Apr 2021 08:25:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407095 The court upheld the reopening of the assessment for Assessment Year 2012-2013, finding the reasons valid as the petitioner failed to substantiate the reduction in inventory value during the original assessment. The court emphasized the assessee's duty to accurately compute income for tax purposes and the assessing officer's right to reopen assessments for questionable claims. The writ petition was dismissed, but the petitioner was allowed to participate in further proceedings, with the respondent directed to issue a fresh assessment order within 90 days, independent of the court's observations. Case-Laws Income Tax Fri, 16 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407095