https://www.taxtmi.com/caselaws?id=69048 Search material showing parallel books, suppressed sales and admissions of unrecorded transactions supplied a rational nexus for reopening under section 147(a) read with section 148, so the reassessment notices were valid. An earlier interlocutory order condoning delay did not decide the merits and therefore did not operate as res judicata on the quantum appeals. The assessee, having filed returns and obtained benefit under the settlement arrangement, could not later repudiate those admissions or rely on promissory estoppel or an alleged unproved assurance against prosecution. The reassessment returns remained binding and the assessments were upheld. en-us Mon, 26 Aug 1991 00:00:00 +0530 Mon, 04 Apr 2011 17:39:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69048 Search material showing parallel books, suppressed sales and admissions of unrecorded transactions supplied a rational nexus for reopening under section 147(a) read with section 148, so the reassessment notices were valid. An earlier interlocutory order condoning delay did not decide the merits and therefore did not operate as res judicata on the quantum appeals. The assessee, having filed returns and obtained benefit under the settlement arrangement, could not later repudiate those admissions or rely on promissory estoppel or an alleged unproved assurance against prosecution. The reassessment returns remained binding and the assessments were upheld. Case-Laws Income Tax Mon, 26 Aug 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69048