https://www.taxtmi.com/caselaws?id=7678 Reassessment under section 148 is valid where the Income-tax Officer has reason to believe income escaped assessment because the assessee did not fully and truly disclose all material primary facts. Mere production of account books or balance-sheets is insufficient unless the specific primary fact is brought to the assessing officer's notice. On the stated record, there was no satisfactory intrinsic or corroborative material showing that the disputed cash transaction was disclosed in the original proceedings, and the assessment records did not show that it had been explained earlier. The notice under section 148 was therefore within jurisdiction, as full and true disclosure was not established. en-us Tue, 12 Aug 1969 00:00:00 +0530 Tue, 17 Mar 2009 15:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7678 Reassessment under section 148 is valid where the Income-tax Officer has reason to believe income escaped assessment because the assessee did not fully and truly disclose all material primary facts. Mere production of account books or balance-sheets is insufficient unless the specific primary fact is brought to the assessing officer's notice. On the stated record, there was no satisfactory intrinsic or corroborative material showing that the disputed cash transaction was disclosed in the original proceedings, and the assessment records did not show that it had been explained earlier. The notice under section 148 was therefore within jurisdiction, as full and true disclosure was not established. Case-Laws Income Tax Tue, 12 Aug 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7678