https://www.taxtmi.com/caselaws?id=6533 For reassessment, the assessee must disclose primary facts needed to identify taxable income, and mere production of account books is not enough if the assessing officer would have to discover the material facts by due diligence. Here, disclosure of the sale transaction alone did not amount to full and true disclosure because the surplus over written down value, and the written down value itself, were not stated. The reference questions also could not be answered until it was first determined whether any part of the sale proceeds constituted profits under section 10(2)(vii), since that issue was foundational to the reassessment controversy. en-us Tue, 11 Aug 1970 00:00:00 +0530 Fri, 05 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6533 For reassessment, the assessee must disclose primary facts needed to identify taxable income, and mere production of account books is not enough if the assessing officer would have to discover the material facts by due diligence. Here, disclosure of the sale transaction alone did not amount to full and true disclosure because the surplus over written down value, and the written down value itself, were not stated. The reference questions also could not be answered until it was first determined whether any part of the sale proceeds constituted profits under section 10(2)(vii), since that issue was foundational to the reassessment controversy. Case-Laws Income Tax Tue, 11 Aug 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6533