2015 (7) TMI 1435

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....proceedings for assessment year 1989-90 were 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 ....

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.... by the petitioner deserves to be dismissed. I have considered 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 o....

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....t held and observed as under:- "The duty of the assessee is only to disclose fully and truly all material facts necessary for his assessment for the relevant year. The expression "material facts" in section 34(1)(a) of the Indian Income Tax Act, 1922, refers only to primary facts and the duty of the assessee is to disclose such primary facts. There is no duty cast on the assessee to indicate or draw the attention of the Income-tax Officer to what factual or legal, or other inferences can be drawn from the primary facts disclosed." In the case of Tarajan Tea Co. (P) Ltd. (supra), the Hon'ble Supreme Court on coming to the conclusion that there was no omission or failure on part of the assessee to make a return, held the reope....

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....¤¾ पत्र पेश नहीं किये इसके लिए समय चाहते है यहां पर अन्तर कर 2 प्रति से अबधारित किया जाता है वांछित फार्म 25.3.93 तक पेश करने पर आदेश में आवश्यक संशोधन क....

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....‚पये 61,68,285 / का यार्न कर मुक्त वस्त्र निर्माताओं को घोषणा पत्र एसटी 17 पर 2 प्रति से विक्रय किया है जब कि 3 प्रति से कर वसूल करना चाहिये अत: कारण पेश करे क्à¤....