VARDHMAN SPINNING AND GENERAL MILLS LTD versus INSPECTING ASSISTANT COMMISSIONER OF INCOME-TAX (ASSESSMENTS)
To review the scope of the re-review, the ICA and the ITO have been granted jurisdiction under section 125 by order. Failure to disclose material facts required for reclassification, preparation of account books or other evidence before the ITO is not sufficient. This is because the stock is closed again and the stock price is overvalued. The notice of development waiver was valid Indian Income Tax Act, 1961, Sections 147 (a) and 148.
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