https://www.taxtmi.com/caselaws?id=217056 HC allowed the assessee's challenge to reassessment and penalty. The court found the trust had included the relevant income in returns under s.161 and the assessees had appended a note in their s.139 returns; therefore all material particulars were disclosed. The alleged escapement was not established, no concealment was found and nothing adverse emerged during search. Consequently addition of beneficial interest and initiation of penalty proceedings were unsustainable. en-us Fri, 15 Jul 2011 00:00:00 +0530 Mon, 15 Sep 2025 14:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217056 HC allowed the assessee's challenge to reassessment and penalty. The court found the trust had included the relevant income in returns under s.161 and the assessees had appended a note in their s.139 returns; therefore all material particulars were disclosed. The alleged escapement was not established, no concealment was found and nothing adverse emerged during search. Consequently addition of beneficial interest and initiation of penalty proceedings were unsustainable. Case-Laws Income Tax Fri, 15 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217056