LARSEN & TOUBRO LTD. vs STATE OF JHARKHAND .

The Supreme Court examined the validity of the re-assessment order under the Bihar Finance Act, 1981, specifically Section 19, which allows for re-assessment if turnover has escaped assessment. The Court held that the assessing authority must have reasonable grounds to believe that turnover has escaped assessment, which was satisfied in this case due to the audit findings. Consequently, the appeal was dismissed, upholding the High Court's decision to maintain the re-assessment order against M/s Larsen & Toubro Ltd.