https://www.taxtmi.com/circulars?id=4824 Mere declaration of a substantially higher income for payment of advance tax in the current year does not, by itself, justify re-opening assessments of earlier years or initiating roving inquiries; reopening must follow established judicial principles under the statutory reopening provisions. Income concealed in an earlier year must be assessed in that year and cannot be set off against higher advance-tax estimates declared for a later year; taxpayers are advised to make full voluntary disclosure and apply to the Commissioner for reduction or waiver of penalty and interest under the statutory relief mechanism. en-us Wed, 26 Jun 1985 00:00:00 +0530 Mon, 04 Aug 2008 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4824 Mere declaration of a substantially higher income for payment of advance tax in the current year does not, by itself, justify re-opening assessments of earlier years or initiating roving inquiries; reopening must follow established judicial principles under the statutory reopening provisions. Income concealed in an earlier year must be assessed in that year and cannot be set off against higher advance-tax estimates declared for a later year; taxpayers are advised to make full voluntary disclosure and apply to the Commissioner for reduction or waiver of penalty and interest under the statutory relief mechanism. Circulars Income Tax Wed, 26 Jun 1985 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4824