https://www.taxtmi.com/caselaws?id=6866 Section 34(1)(a) of the Income-tax Act, 1922 applies where escaped income results from the assessee's omission or failure to fully and truly disclose material facts necessary for assessment, while section 34(1)(b) covers escapement discovered from information already in the officer's possession without such nondisclosure. Mere production of books or entries is not enough if later found cash credits were fictitious or not genuine. In that situation, the original acceptance of the credits does not amount to full disclosure, and reopening is valid under section 34(1)(a). A later change of opinion by the assessing officer does not alter the statutory basis where the underlying facts show nondisclosure. en-us Thu, 06 Oct 1966 00:00:00 +0530 Fri, 06 Feb 2009 17:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6866 Section 34(1)(a) of the Income-tax Act, 1922 applies where escaped income results from the assessee's omission or failure to fully and truly disclose material facts necessary for assessment, while section 34(1)(b) covers escapement discovered from information already in the officer's possession without such nondisclosure. Mere production of books or entries is not enough if later found cash credits were fictitious or not genuine. In that situation, the original acceptance of the credits does not amount to full disclosure, and reopening is valid under section 34(1)(a). A later change of opinion by the assessing officer does not alter the statutory basis where the underlying facts show nondisclosure. Case-Laws Income Tax Thu, 06 Oct 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6866