https://www.taxtmi.com/caselaws?id=8961 Reassessment under the Income-tax Act requires either failure to disclose fully and truly all primary material facts, or valid information within the statutory period. Once the assessee has disclosed the facts necessary for computation of income, there is no duty to explain the inference to be drawn or to admit that account entries are false. Where cash credits were examined in the original assessment and confirmations were filed, a later reassessment based only on a fresh view of the same material amounts to a mere change of opinion and does not attract section 147(a). Notices issued beyond the four-year limit under the reassessment provision are barred by limitation and without jurisdiction. en-us Fri, 22 Oct 1971 00:00:00 +0530 Sun, 02 May 2010 23:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8961 Reassessment under the Income-tax Act requires either failure to disclose fully and truly all primary material facts, or valid information within the statutory period. Once the assessee has disclosed the facts necessary for computation of income, there is no duty to explain the inference to be drawn or to admit that account entries are false. Where cash credits were examined in the original assessment and confirmations were filed, a later reassessment based only on a fresh view of the same material amounts to a mere change of opinion and does not attract section 147(a). Notices issued beyond the four-year limit under the reassessment provision are barred by limitation and without jurisdiction. Case-Laws Income Tax Fri, 22 Oct 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8961