2001 (2) TMI 89

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.... being disposed of by this common judgment and order as the facts and the law involved therein are identically same. The grievance of the petitioner in all these cases is that the concerned Assessing Officer has no authority or jurisdiction to reopen the assessment under section 147(a) since there was no material to have reason to believe that the petitioners did not disclose the material fact ....

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....(fourteen lakhs seventy eight thousand) as against the cost of Rs. 7,55,313 (seven lakhs fifty-five thousand three hundred thirteen) shown in the books of account. Mr. Khaitan assailing the aforesaid reason contends that the opinion of an engineer cannot be a material to entertain any belief that the petitioner ha& escaped income. Therefore, the authority concerned ought not to have reopened th....

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....urt to interfere with this proceeding for reassessment. Having heard the respective contentions of learned counsel it appears to me that the assessment order was passed long time back and at the time of assessment the petitioner duly produced the books of account. The petitioner is admittedly a limited company and under the Companies Act the books of account are compulsorily audited and scrutin....

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....e basis, of this opinion it has been decided by the authority concerned to reopen the case. Justice Sengupta in the aforesaid case cited by Mr. Khaitan has categorically held, amongst others, that valuation was always a question of opinion and unless there was a clear finding on the basis of the material that the assessee had invested in the construction more than what had been shown by it in the ....