https://www.taxtmi.com/caselaws?id=57485 The Tribunal upheld the validity of reopening the assessment under Section 147(a) due to non-disclosure of material facts. However, it reversed the revaluation of VMS Lumpy and VMS Blue Dust, as the original valuation was deemed appropriate. The addition of Rs. 26,00,244 for VMS Chips in closing stock was deleted, as the chips had no market value. The inclusion of Rs. 9,24,700 for VMS Lumpy Ore was also deleted, considering plausible explanations. The disallowance of payment to M/s. Agencia Caestano Figueredo was upheld based on precedent. The issue of maintenance expenses for directors' residential premises was remitted for factual verification. en-us Wed, 29 Jun 1994 00:00:00 +0530 Fri, 10 Dec 2010 13:41:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57485 The Tribunal upheld the validity of reopening the assessment under Section 147(a) due to non-disclosure of material facts. However, it reversed the revaluation of VMS Lumpy and VMS Blue Dust, as the original valuation was deemed appropriate. The addition of Rs. 26,00,244 for VMS Chips in closing stock was deleted, as the chips had no market value. The inclusion of Rs. 9,24,700 for VMS Lumpy Ore was also deleted, considering plausible explanations. The disallowance of payment to M/s. Agencia Caestano Figueredo was upheld based on precedent. The issue of maintenance expenses for directors' residential premises was remitted for factual verification. Case-Laws Income Tax Wed, 29 Jun 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57485