In Brief
A construction company appealed against reopening of its income tax assessment for Assessment Year 2001-02. The Revenue reopened the assessment, alleging the company had not correctly disclosed the actual size of its development plot and was thus ineligible for deductions under Section 80-1B(10). The company contended it had made full disclosure in its return. The Supreme Court held that information buried in valuation report annexures does not constitute proper disclosure; the Assessing Officer is not obliged to search annexures for material facts. Non-disclosure of the actual plot size in the main return constituted valid grounds to reopen assessment under Section 147-148. The appeal was dismissed.
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