https://www.taxtmi.com/caselaws?id=5338 SC held the notice issued under section 148, grounded on reasons recorded under section 147(a), was valid. The Court found both statutory conditions for invoking s.147(a) satisfied: existence of material to create belief of under-assessment and a prima facie failure by the taxpayer to disclose material facts. Non-production of head-office books, original foreign contracts and export accounts, together with proven under-invoicing, justified reassessment on true export prices. The reasons on record supported issuing the notice, and the appeal was dismissed. en-us Tue, 20 Aug 1991 00:00:00 +0530 Sat, 25 Oct 2025 11:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5338 SC held the notice issued under section 148, grounded on reasons recorded under section 147(a), was valid. The Court found both statutory conditions for invoking s.147(a) satisfied: existence of material to create belief of under-assessment and a prima facie failure by the taxpayer to disclose material facts. Non-production of head-office books, original foreign contracts and export accounts, together with proven under-invoicing, justified reassessment on true export prices. The reasons on record supported issuing the notice, and the appeal was dismissed. Case-Laws Income Tax Tue, 20 Aug 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5338