https://www.taxtmi.com/caselaws?id=9336 Reassessment beyond four years requires material demonstrating failure to disclose fully and truly all material facts. A valuation report obtained after the original assessment cannot alone provide the necessary jurisdictional foundation, particularly where it is merely opinion evidence and lacks independent corroboration. A valuation reference made for commission purposes is distinct from the specific valuation-reference power applicable in reassessment. Although admissible as evidence, a valuation report cannot conclusively establish escaped or undisclosed income, displace earlier material, or independently sustain an addition without supporting evidence. en-us Fri, 05 Aug 2005 00:00:00 +0530 Mon, 22 Jun 2009 12:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9336 Reassessment beyond four years requires material demonstrating failure to disclose fully and truly all material facts. A valuation report obtained after the original assessment cannot alone provide the necessary jurisdictional foundation, particularly where it is merely opinion evidence and lacks independent corroboration. A valuation reference made for commission purposes is distinct from the specific valuation-reference power applicable in reassessment. Although admissible as evidence, a valuation report cannot conclusively establish escaped or undisclosed income, displace earlier material, or independently sustain an addition without supporting evidence. Case-Laws Income Tax Fri, 05 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9336