https://www.taxtmi.com/caselaws?id=8550 Reassessment under section 34(1)(a) of the Income-tax Act, 1922 is permissible only where the Income-tax Officer has reason to believe that income escaped assessment because the assessee failed to disclose fully and truly all material facts. The original assessment was influenced by an untrue statement that sugar-cane had been purchased from outsiders at a stated rate, later admitted to be false, and the surrounding material provided a rational basis for reopening. The challenge to the existence and sufficiency of that belief was not raised at the proper stage. The reassessment proceedings were therefore validly initiated, and the referred question was answered in the affirmative against the assessee. en-us Tue, 02 Feb 1971 00:00:00 +0530 Thu, 30 Apr 2009 15:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8550 Reassessment under section 34(1)(a) of the Income-tax Act, 1922 is permissible only where the Income-tax Officer has reason to believe that income escaped assessment because the assessee failed to disclose fully and truly all material facts. The original assessment was influenced by an untrue statement that sugar-cane had been purchased from outsiders at a stated rate, later admitted to be false, and the surrounding material provided a rational basis for reopening. The challenge to the existence and sufficiency of that belief was not raised at the proper stage. The reassessment proceedings were therefore validly initiated, and the referred question was answered in the affirmative against the assessee. Case-Laws Income Tax Tue, 02 Feb 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8550