https://www.taxtmi.com/caselaws?id=8700 Reassessment under section 148 was treated as valid where objective material, including large deposits, bank credits and remittances, gave rise to a bona fide belief that income had escaped assessment because material facts were not fully and truly disclosed. The prior settlement and earlier assessment of some items did not, on the facts found, rule out the possibility that other amounts represented undisclosed income from earlier years. The notices were therefore sustained as having a sufficient jurisdictional basis, and the challenge to the reassessment proceedings failed. en-us Fri, 02 Apr 1971 00:00:00 +0530 Tue, 02 Jun 2009 20:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8700 Reassessment under section 148 was treated as valid where objective material, including large deposits, bank credits and remittances, gave rise to a bona fide belief that income had escaped assessment because material facts were not fully and truly disclosed. The prior settlement and earlier assessment of some items did not, on the facts found, rule out the possibility that other amounts represented undisclosed income from earlier years. The notices were therefore sustained as having a sufficient jurisdictional basis, and the challenge to the reassessment proceedings failed. Case-Laws Income Tax Fri, 02 Apr 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8700