2008 (1) TMI 284

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....h Shah & Co., for the Petitioners. S. M. Shah with Sandip Wasnik for the Respondents. JUDGMENT The judgment of the court was delivered by F. I. Rebello, J.- 1. The Petitioners by the present Petition have challenged the notices issued under Section 148 for reopening of assessment for the assessment years 1977-78 and 1978-79. The Notices are dated 30^th March, 1989. The reasons for reas....

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.... wire rod and strips and plastic scrap can be as much as 12% of the consumption of plastic powder and that for the assessment year 1977-78, the assessee had not shown any value of scrap either by way of sale of in stock. There was suppression of profits by non-disclosure of scrap. It was also mentioned that the Petitioners were using very sophisticated machine for the consumption of stainless stee....

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....Petition filed by sister concern has held that there were no reasons to believe for reopening of the assessment. For that purpose reliance is placed in the judgment in Sanghavi Swiss Refills Private Limited Vs. Smt. Arti Handa, Asst. Commissioner of Income Tax and another, (2006) 284 ITR 427 (Bom).  Our attention is also invited to the judgment in respect of another sister concern Sanghavi Sw....

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.... bogus purchase. The said statement was placed before us for our consideration. 4. We are concerned with the reasons given for reopening the concluded assessment on the facts of the present case. As rightly pointed out by the learned Bench of this court in Sanghvi Swiss Refills Pvt. Ltd. Vs. Smt. Arti Handa, Assistant Commissioner of Income Tax and another (2006) 284 ITR 427 (Bom) that there wa....