https://www.taxtmi.com/caselaws?id=1653 The High Court upheld the initiation of proceedings under Section 147/148 of the Income Tax Act, finding that there was sufficient prima facie material to suggest income escapement, despite the eventual accuracy of the information. The Court emphasized the duty of the assessee to fully disclose material facts during assessment and disagreed with the Tribunal's requirement for the material to be proven at the initiation stage. The case was remanded back to the Tribunal for a decision on substantive issues, with the appeal disposed of accordingly. en-us Wed, 23 May 2007 00:00:00 +0530 Sun, 14 Sep 2008 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=1653 The High Court upheld the initiation of proceedings under Section 147/148 of the Income Tax Act, finding that there was sufficient prima facie material to suggest income escapement, despite the eventual accuracy of the information. The Court emphasized the duty of the assessee to fully disclose material facts during assessment and disagreed with the Tribunal's requirement for the material to be proven at the initiation stage. The case was remanded back to the Tribunal for a decision on substantive issues, with the appeal disposed of accordingly. Case-Laws Income Tax Wed, 23 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=1653