Law:

Section:

Income-tax---Reassessment-Omission to- disclose material facts necessary for assessment-Construction of cold storage by assessee-Cost of construc­tion accepted by I. T. O.---Valuation of cold storage in a subsequent year at a much higher figure by assessee's valuer-Cannot form basis for reassessment proceedings. C. I. T. v. Chidambaram Chettiar (T. S. P L. P.) (1971) 80 I T R 467 (S C); Gooyee (B. K.) v. C.. L T. ([966) 62 I T R 109 (Cal.) ; Grindlays Bank Ltd. v. I. T. O. (1979) 116 I T R 710 (Cal.); Indian and Eastern Newspaper Society v. C.I.T. (1979) 119 I T R 996 (S C) ; I.T. O. v. Chandi Prasad Yodt (1979)119 I T R 340 (Cal.) ; I.T.O. v. Lakhmani Mewal Das (1976) 103 I T R 437 (S C); I,T. O. v. Madanani Engineering Works Ltd. (1979) 118 I T R 1 (S C); Jeevanlal Ltd . I.T.O. (1978) 115 I T R 465 (Cal.) ; Minott Haider (Smt.) v. I.T.O. (1978) 115 I T R 471 (Cal.); Narayandas Paramanddas v. I.T.O. (1977)107 I T 1.179 (Cal.) ; Nirmala Birla (Smt.) v. W.T. O. (1976) 105 I T R 483 (Cal.) ; Parvathamma (K. L )) v. I.T.O. (1974) 93 I T R 138 (Mys.) ; Sewlal Daga v. C.I.T. (1965) 55 I T R 406 (Cal.) and Venkata Narayana & Sore (Kantamani) v. LT.O. (First Addl.) (1967) 63 I T R 638 (S C) ref. JUDGMENT The petitioners Nos. 3 to 7 along with Kantila Jivanlal Shah and Manganlal Chhagganla Chhangenlal Shah, both since deceased, were partners of M. Ambical Cold Storage, a partnership firm constituted on the 23rd April, 1958, and registered under the Indian Partnership Act. The firm has since been dissolved. The case of the petitioners is that the firm commenced business in the middle of February, 1959, and was for the first time assessable and assessed to income-tax for the assessment year 1960-61. The accounting period of the firm was the English calendar year ending on the 31st December of each such year and under the deed of partnership the first accounting period for comple­tion of the accounts of the firm was 31st December, 1959. On the 25th July, 1958, the firm purchased 3 bighas 7 cottahs 5 chittacks more or less of land at Sheoraphully for Rs. 19,857.19, and on the 25th April, 1961, it purchased further 1 bigha 5 cottahs 7 chittacks of adjacent land for Rs.…

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