https://www.taxtmi.com/caselaws?id=8016 Reassessment under the Income-tax Act cannot be invoked where the assessee has fully and truly disclosed all primary facts necessary for assessment. The assessee had answered the Assessing Officer's specific queries on bonus shares and supplied complete particulars of acquisition, sale, price and accounting treatment, so there was no omission to disclose material facts. On that basis, the reopening lacked jurisdictional foundation and the notice, together with proceedings based on it, was invalid. The governing principle is that reassessment depends on a valid statutory basis and not on a later reappraisal of material already disclosed. en-us Wed, 21 Jan 1970 00:00:00 +0530 Fri, 27 Mar 2009 11:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8016 Reassessment under the Income-tax Act cannot be invoked where the assessee has fully and truly disclosed all primary facts necessary for assessment. The assessee had answered the Assessing Officer's specific queries on bonus shares and supplied complete particulars of acquisition, sale, price and accounting treatment, so there was no omission to disclose material facts. On that basis, the reopening lacked jurisdictional foundation and the notice, together with proceedings based on it, was invalid. The governing principle is that reassessment depends on a valid statutory basis and not on a later reappraisal of material already disclosed. Case-Laws Income Tax Wed, 21 Jan 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8016