https://www.taxtmi.com/caselaws?id=8471 Reassessment under section 34(1)(a) of the Income-tax Act, 1922 was upheld because the assessee had not fully and truly disclosed all primary material facts necessary for assessment. The return did not explicitly disclose the sale of the cold storage building, machinery and furniture, or the resulting surplus over written down value, and mere production of account copies was not enough to satisfy the disclosure obligation. The Explanation to section 34(1)(a) confirmed that records from which facts could later be discovered by diligence do not by themselves amount to disclosure. The Revenue's invocation of reassessment was therefore sustained. en-us Mon, 26 Jul 1971 00:00:00 +0530 Sun, 26 Apr 2009 22:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8471 Reassessment under section 34(1)(a) of the Income-tax Act, 1922 was upheld because the assessee had not fully and truly disclosed all primary material facts necessary for assessment. The return did not explicitly disclose the sale of the cold storage building, machinery and furniture, or the resulting surplus over written down value, and mere production of account copies was not enough to satisfy the disclosure obligation. The Explanation to section 34(1)(a) confirmed that records from which facts could later be discovered by diligence do not by themselves amount to disclosure. The Revenue's invocation of reassessment was therefore sustained. Case-Laws Income Tax Mon, 26 Jul 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8471