2015 (7) TMI 1435

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....concluded by the assessing authority vide assessment order dated 22.2.1993. While dealing with the issue pertaining to tax on sale of yarn by the petitioner, the assessing authority observed as under and accordingly assessed tax @ 2% under Notification dated 13.9.1989 :- By the impugned notice dated 31.5.1994, the assessing authority sought reassessment of the amount of tax determined vide order dated 22.2.1993; the notice indicated as under:- It is submitted by learned counsel for the petitioner that the respondents were not justified in initiating proceedings under Section 12 of the Act, inasmuch as, the petitioner had disclosed all the facts necessary for assessment and the assessing authority after applying his mind, applied notifica....

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....nsidered the submissions made by learned counsel for the parties and have perused the material available on record. The provisions of Section 12 of the Act though prescribe for reassessment in case of escaped assessment, or the assessee having been assessed at too low a rate in any year, the said provision cannot be applied in a case where the assessee has placed the entire material before the Assessing Authority and the Assessing Authority while passing the original assessment order had applied his mind and a particular notification, only on account of change of opinion, later on without there being any allegation of the petitioner not having disclosed material facts at the time of assessment, cannot empower the Assessing Officer to issue....