https://www.taxtmi.com/caselaws?id=7447 Reassessment under section 34(1)(a) of the Indian Income-tax Act, 1922 requires a failure by the assessee to disclose fully and truly all primary facts, and that failure must be the basis of the escapement. Where the Income-tax Officer already knew the material facts, omission to include the amount in the return did not satisfy the statutory condition, so the reassessment notices were not sustainable. The second proviso to section 34(3) also did not save limitation, because it applied only where the reassessment was made in consequence of a qualifying finding or direction, which was absent here. The reference was answered in favour of the assessee. en-us Wed, 12 Feb 1969 00:00:00 +0530 Fri, 20 Feb 2009 11:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7447 Reassessment under section 34(1)(a) of the Indian Income-tax Act, 1922 requires a failure by the assessee to disclose fully and truly all primary facts, and that failure must be the basis of the escapement. Where the Income-tax Officer already knew the material facts, omission to include the amount in the return did not satisfy the statutory condition, so the reassessment notices were not sustainable. The second proviso to section 34(3) also did not save limitation, because it applied only where the reassessment was made in consequence of a qualifying finding or direction, which was absent here. The reference was answered in favour of the assessee. Case-Laws Income Tax Wed, 12 Feb 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7447