https://www.taxtmi.com/caselaws?id=7498 A disclosure is not full and true for reassessment purposes if the assessee states a taxable receipt in a false character, such as describing commission income as a loan; the true character of the receipt is a material fact, and reassessment under section 147(a) is attracted. The recorded reasons for belief that income had escaped assessment are valid where they are supported by relevant surrounding circumstances, including absence of repayment, security, invoices, or specifications. For an earlier assessment year, section 297(2)(d)(ii) saves a notice under section 148 where the statutory conditions are met and no proceeding under the repealed Act was pending. en-us Thu, 07 Nov 1968 00:00:00 +0530 Fri, 20 Feb 2009 18:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7498 A disclosure is not full and true for reassessment purposes if the assessee states a taxable receipt in a false character, such as describing commission income as a loan; the true character of the receipt is a material fact, and reassessment under section 147(a) is attracted. The recorded reasons for belief that income had escaped assessment are valid where they are supported by relevant surrounding circumstances, including absence of repayment, security, invoices, or specifications. For an earlier assessment year, section 297(2)(d)(ii) saves a notice under section 148 where the statutory conditions are met and no proceeding under the repealed Act was pending. Case-Laws Income Tax Thu, 07 Nov 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7498