https://www.taxtmi.com/caselaws?id=7288 The court upheld the validity of notices issued under Section 148 of the Income-tax Act, 1961, finding that the Income-tax Officer had sufficient reason to believe that income had escaped assessment due to the assessee's failure to disclose material facts. The court endorsed the respondent's method of calculating the cost price of shares for capital gains, emphasizing the importance of disclosing all relevant information for accurate assessment. The writ petitions were dismissed, affirming the Income-tax Officer's jurisdiction and the application of Supreme Court decisions in assessing capital gains. en-us Sat, 20 Apr 1968 00:00:00 +0530 Mon, 16 Feb 2009 18:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7288 The court upheld the validity of notices issued under Section 148 of the Income-tax Act, 1961, finding that the Income-tax Officer had sufficient reason to believe that income had escaped assessment due to the assessee's failure to disclose material facts. The court endorsed the respondent's method of calculating the cost price of shares for capital gains, emphasizing the importance of disclosing all relevant information for accurate assessment. The writ petitions were dismissed, affirming the Income-tax Officer's jurisdiction and the application of Supreme Court decisions in assessing capital gains. Case-Laws Income Tax Sat, 20 Apr 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7288