https://www.taxtmi.com/caselaws?id=8122 A reassessment notice issued beyond four years was examined against the escaped-assessment standard requiring relevant material and a bona fide belief that income had escaped assessment due to the assessee's failure to disclose fully and truly all material facts. The relied-upon factors, including later gifts, a director's loan, and the relationship between the director and managing director, did not show that the remuneration credited in the relevant year was bogus or fictitious. As the record already reflected scrutiny of directors' remuneration in other years, the material lacked a live nexus with any nondisclosure of primary facts. The notice was therefore not validly founded and was quashed. en-us Fri, 21 Aug 1970 00:00:00 +0530 Sat, 28 Mar 2009 17:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8122 A reassessment notice issued beyond four years was examined against the escaped-assessment standard requiring relevant material and a bona fide belief that income had escaped assessment due to the assessee's failure to disclose fully and truly all material facts. The relied-upon factors, including later gifts, a director's loan, and the relationship between the director and managing director, did not show that the remuneration credited in the relevant year was bogus or fictitious. As the record already reflected scrutiny of directors' remuneration in other years, the material lacked a live nexus with any nondisclosure of primary facts. The notice was therefore not validly founded and was quashed. Case-Laws Income Tax Fri, 21 Aug 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8122