https://www.taxtmi.com/caselaws?id=9400 The court upheld the validity of reassessment proceedings under Section 147 of the Income-tax Act, 1961, for the assessment years 1978-79 and 1979-80. The court found that the assessee failed to fully and truly disclose material facts regarding sales tax liability, justifying the reassessment. Additionally, the excess sales tax collected by the assessee was deemed taxable income for the assessment year 1978-79, as it constituted part of the trading receipt and was not refunded to customers. The court ruled in favor of the Revenue, affirming the reassessment proceedings and taxability of the excess sales tax collected. en-us Wed, 01 Dec 2004 00:00:00 +0530 Mon, 22 Jun 2009 17:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9400 The court upheld the validity of reassessment proceedings under Section 147 of the Income-tax Act, 1961, for the assessment years 1978-79 and 1979-80. The court found that the assessee failed to fully and truly disclose material facts regarding sales tax liability, justifying the reassessment. Additionally, the excess sales tax collected by the assessee was deemed taxable income for the assessment year 1978-79, as it constituted part of the trading receipt and was not refunded to customers. The court ruled in favor of the Revenue, affirming the reassessment proceedings and taxability of the excess sales tax collected. Case-Laws Income Tax Wed, 01 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9400