https://www.taxtmi.com/caselaws?id=252871 Reassessment under Section 148 after four years from the end of the assessment year is invalid unless the recorded reasons show that the assessee failed to fully and truly disclose all material facts necessary for assessment. Here, the reopening rested on a view that income had been taxed at 15% instead of 40% plus surcharge, but the reasons did not allege any nondisclosure. The assessee had disclosed the treaty-based tax position in the return, computation and during scrutiny, and the original assessment noted that the issue was examined and accepted. The notice was therefore without jurisdiction and the consequential proceedings were quashed. en-us Fri, 31 Oct 2014 00:00:00 +0530 Thu, 06 Nov 2014 05:52:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252871 Reassessment under Section 148 after four years from the end of the assessment year is invalid unless the recorded reasons show that the assessee failed to fully and truly disclose all material facts necessary for assessment. Here, the reopening rested on a view that income had been taxed at 15% instead of 40% plus surcharge, but the reasons did not allege any nondisclosure. The assessee had disclosed the treaty-based tax position in the return, computation and during scrutiny, and the original assessment noted that the issue was examined and accepted. The notice was therefore without jurisdiction and the consequential proceedings were quashed. Case-Laws Income Tax Fri, 31 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252871