https://www.taxtmi.com/caselaws?id=8820 Reassessment under the Indian Income-tax Act, 1922 was upheld where income had escaped assessment because the assessee had not made a full and true disclosure of all material facts necessary for assessment. Disclosure of an item in the balance-sheet, or mere production of books and other records, was held insufficient if the fact was not clearly brought out in the return or statements and was not specifically presented for assessment. The legal principle applied is that the taxpayer must disclose material facts expressly; the Assessing Officer is not required to discover them by independent scrutiny of the records. On that basis, the reassessment notice was validly issued and the objection for want of disclosure failed. en-us Thu, 06 Jan 1972 00:00:00 +0530 Thu, 04 Jun 2009 18:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8820 Reassessment under the Indian Income-tax Act, 1922 was upheld where income had escaped assessment because the assessee had not made a full and true disclosure of all material facts necessary for assessment. Disclosure of an item in the balance-sheet, or mere production of books and other records, was held insufficient if the fact was not clearly brought out in the return or statements and was not specifically presented for assessment. The legal principle applied is that the taxpayer must disclose material facts expressly; the Assessing Officer is not required to discover them by independent scrutiny of the records. On that basis, the reassessment notice was validly issued and the objection for want of disclosure failed. Case-Laws Income Tax Thu, 06 Jan 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8820