https://www.taxtmi.com/caselaws?id=28555 The court ruled in favor of the petitioner, a public limited company, in a case challenging the notice issued by the Income Tax Officer (ITO) under Section 148 read with Section 147(a) of the Income Tax Act, 1961. The court held that the petitioner had not failed to disclose all material facts necessary for assessment, as the method of stock valuation adopted by the petitioner was known to the Department. The court emphasized the ITO's duty to investigate the method of stock valuation and allowed the petition, quashing the notice and awarding costs to the petitioner. en-us Fri, 21 Jan 1983 00:00:00 +0530 Tue, 23 Feb 2010 15:51:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28555 The court ruled in favor of the petitioner, a public limited company, in a case challenging the notice issued by the Income Tax Officer (ITO) under Section 148 read with Section 147(a) of the Income Tax Act, 1961. The court held that the petitioner had not failed to disclose all material facts necessary for assessment, as the method of stock valuation adopted by the petitioner was known to the Department. The court emphasized the ITO's duty to investigate the method of stock valuation and allowed the petition, quashing the notice and awarding costs to the petitioner. Case-Laws Income Tax Fri, 21 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28555