2002 PTD 750

Case Laws / Head Notes / Paras

Additional assessment---Re-opening of agreed assessment---Agreed assessment though a settlement of contractual nature could not be declared to be a voluntary agreement between the Revenue and assessee fulfilling all the codal requirements of a contract enforceable at law-If the agreed assessment was at par with any other agreement enforceable in law even then some steps would have to be spared for the concept of voidable agreement--- Assessing Officer framing an agreed assessment could always make a case to avoid that “ agreement” if he could prove that the same was coloured by wrong declaration ,even innocent misrepresentation and fraud ---- Assessing Officer by entering into an agreed assessment neither would be debarred from raising an additional assessment under S.65 of the...