https://www.taxtmi.com/caselaws?id=9001 Reassessment under section 147(a) was upheld for the Rs. 7 lakhs receipt because later inquiry material prima facie showed the assessee may not have disclosed fully and truly all primary facts, and the Income-tax Officer had relevant material to form a bona fide belief that income had escaped assessment. However, the reassessment notice could not be sustained for the Rs. 2 lakhs and interest, as those amounts did not arise in the relevant accounting year and had no nexus with income assessable for that year. The reopening was therefore confined to the Rs. 7 lakhs item and could not extend to the later amount. en-us Wed, 04 Jul 1973 00:00:00 +0530 Thu, 18 Jun 2009 16:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9001 Reassessment under section 147(a) was upheld for the Rs. 7 lakhs receipt because later inquiry material prima facie showed the assessee may not have disclosed fully and truly all primary facts, and the Income-tax Officer had relevant material to form a bona fide belief that income had escaped assessment. However, the reassessment notice could not be sustained for the Rs. 2 lakhs and interest, as those amounts did not arise in the relevant accounting year and had no nexus with income assessable for that year. The reopening was therefore confined to the Rs. 7 lakhs item and could not extend to the later amount. Case-Laws Income Tax Wed, 04 Jul 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9001